India’s leading renewable energy venture ReNew Power and RMG Acquisition Corporation II (RMG II) have entered into a business combination agreement to form ReNew Energy Global PLC. Upon the closing of this deal, the combined entity ReNew Energy Global PLC is expected to be publicly listed on the NASDAQ under the symbol “RNW”. This special purposed acquisition company (SPAC) transaction is valued at about $8 billion and is expected to close in the second quarter of 2021.

The proceeds from this transaction would be used to fund ReNew’s medium-term growth opportunities including the implementation of its contracted utility-scale renewable assets as well as to reduce debt. Together ReNew’s management and its current group of stockholders, including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, and JERA own 100 per cent of ReNew. These stakeholders will be putting a majority of their equity into the new company. Upon the closure of deal, they will retain about 70 per cent of the effective company ownership.

ReNew is one of the leading renewable energy independent power producers in India with a portfolio of more than 100 operational utility-scale wind and solar energy projects spread across 9 Indian states. It also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers across India.

RMG Acquisition Corporation II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses. The company raised $345 million through its IPO in December 2020.