ReNew Power announces merger with RMG II for NASDAQ listing

ReNew Power has announced a merger with RMG Acquisition Corporation II to become a publicly listed company in NASDAQ. The deal with the US-based special purpose acquisition corporation was backed by Goldman Sachs and recorded an enterprise valuation of $8 billion. The transaction is expected to close in the second quarter of 2021, following which the combined entity would be named ReNew Energy Global PLC and will be listed on NASDAQ with the symbol “RNW”. ReNew Power’s management and its stockholders will be allocating the majority of their equity into ReNew Energy Global PLC and are expected to represent approximately 70 per cent of the new company when the transaction closes. The net proceeds of approximately $610 million would be used to pay down debt and improve ReNew Power’s energy generation portfolio in the Indian market, by funding medium-term growth opportunities.