Goldman Sachs-backed ReNew Power to go public via $8-bln SPAC deal

Posted on
FILE PHOTO: Power generating windmill turbines are pictured during the inauguration ceremony of the new 25 MW ReNew Power wind farm at Kalasar village in the western Indian state of Gujarat May 6, 2012. REUTERS/Amit Dave

(Reuters) – India’s largest renewable energy firm ReNew Power on Wednesday agreed to go public through a merger with blank-check firm RMG Acquisition Corporation II, in a deal that values the merged entity at roughly $8 billion.

The deal will be financed with cash proceeds of $1.2 billion, including investments of $855 million from investors including serial blank-check dealmaker Chamath Palihapitiya, funds managed by BlackRock and Sylebra Capital among others.

Palihapitiya also led the PIPE (private investment in public equity) round at SoftBank-backed Berkshire Grey, which earlier on Wednesday agreed to go public through a merger with a blank-check firm.

Founded in 2011, ReNew Power counts Goldman Sachs and Canada Pension Plan Investment Board (CPPIB) among its prominent investors. It is among a wave of clean-energy firms poised to benefit from India’s push into the renewables market.

India, the world’s third-largest emitter of greenhouse gases, wants to raise its renewable energy capacity to 500 gigawatts (GW), or 40% of total capacity, by 2030.

Source: Read Full Article

Markets