RMG Acquisition Corporation II Announces Stockholder Approval of Business Combination with ReNew Power


Renewable energy provider ReNew Power Private Limited on Tuesday announced that it has completed its previously announced business combination with RMG Acquisition Corporation II. As a result of the business combination, RMG II has become a wholly-owned subsidiary of ReNew Energy Global plc, the post-combination entity. The current development marks the closure of the amalgamation process. ReNew’s Class A ordinary shares and ReNew’s warrants are expected to commence trading on The Nasdaq Stock Market LLC under the symbols RNW and RNWWW, respectively from Tuesday.  

As a result of this transaction, ReNew has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and a private placement in public equity (PIPE), after redemptions and transaction fees. The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners. ReNew will use the proceeds to accelerate its growth, fund operations and pay off debt. 

ReNew Power was founded in 2011 and currently holds a portfolio of more than 100 operational utility-scale wind and solar energy projects spread across 9 Indian states. The company also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers across India. The company has over 5 GW of operational capacity and an aggregate capacity of close to 10 GW and its total utility-scale committed capacity is contracted under power purchase agreements (PPAs) with an average duration of more than 24 years. The ReNew Power has also developed expertise in ancillary areas such as energy storage apart from generating clean energy.  

“The completion of our business combination with RMG II begins a new era for our company and is a great step forward for enabling further decarbonization of the Indian power sector, “The entire ReNew team has remained laser-focused on maintaining our leadership position in Indian renewable energy throughout this process, and we will continue to work to expand clean power generation across India. 

We have the ability to do even more in bringing affordable, reliable, green, utility-scale power supply to more people and businesses in India through implementation of our proprietary software and AI-enabled monitoring capabilities,” stated Sumant Sinha, chief executive officer, ReNew.

ReNew’s senior management team will continue to lead the combined company, including Sumant Sinha (Chief Executive Officer), D Muthukumaran (Chief Financial Officer), Balram Mehta (Chief Operating Officer), Sanjay Varghese (President and Head of Solar), Kailash Vaswani (Deputy CFO and President, Corporate Finance), and Mayank Bansal (Chief Commercial Officer).

Azure Power, Hero Future Energies Pvt. Ltd, Mytrah Energy Limited and Adani Power Limited are a few of the company’s competitors in the market.

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