ReNew Power enters agreement with RMG II; soon to list on NASDAQ

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ReNew Power, a company backed by Goldman Sachs, a New York-based American multinational investment bank and financial services company, in a public release declared the enforcement of a definitive partnership with RMG II Acquisition Corporation for a project by which ReNew will be publicly listed on the NASDAQ.

Among one of the players who recently participated in a tender for privatization of power distribution in Dadar & Nager Haveli, Daman & Diu, ReNew has been planning to expand into fresher segments such as solar manufacturing, power transmission, and power distribution.

Commenting on the same, Sumant Sinha, Founder-Chairman and CEO of ReNew Power spoke, “Over the next decade, ReNew plans to maintain its track record of market share growth, and contribution to the greening of the Indian power sector. Over time, we will expand our capabilities even further, with utility-scale battery storage, and customer focused intelligent energy solutions.”

In the public release, the company had stated that, “total anticipated proceeds of $1.2 billion, comprised of $855 million, upsized, fully-committed private placement of common stock in ReNew Power (the “PIPE”) and $345 million of gross cash held in trust by RMG II, subject to redemptions; anticipated net primary proceeds of approximately $610 million to fund the company’s accelerated growth strategy and pay down debt.”

This deal would result in the formation of a merged company with the name – ‘ReNew Energy Global PLC’ and its listing will be done under the code – ‘RNW’. ReNew said this deal is going to help the company by funding medium-term growth opportunities, as well getting rid of excessive debt.

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