ReNew Power completes merger with SPAC RMG II

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ReNew Power has almost 10GW of installed solar and wind capacity in India. Image: ReNew Power.

RMG Acquisition Corporation II’s shareholders have voted to approve its combination with Indian independent power producer (IPP) ReNew Power.

Approximately 88% of the votes cast at the publicly traded special purpose acquisition company’s (SPAC) extraordinary general meeting were in favour of the merger. These are set to be tabulated by an independent inspector today, on a Form 8-K with the US Securities and Exchange Commission.

Following the satisfaction or waiver of the customary closing conditions, the merger will close on 23 August 2021.

RMG II will then become a wholly-owned subsidiary of ReNew Energy Global, a newly incorporated holding company from the power producer. Class A shares of the company will be traded on the Nasdaq Global Select Market under the symbol RNW on 24 August. Similarly warrants will be traded under RNWWW.

The merger was first announced in February, with ReNew stating at the time that the transaction will bolster its position in solar and wind generation in the Indian market by funding medium-term growth opportunities. The combined ReNew Energy Global entity is valued at US$8 billion.

RMG II is a blank check company sponsored by Jim Carpenter, Bob Mancini, and Phil Kassin that raised $345 million in its 14 December 2020 IPO, allowing it to pursue a merger. SPACs are becoming increasingly common in the energy space, as Jack Mason-Jebb and Brad Isaac, of law firm Fieldfisher, explained in a recent article for PV Tech Power.

ReNew Power is India’s leading IPP by capacity, and the tenth biggest in the world. As of March 31, it had a total capacity of 10GW of wind and solar energy projects across India. This has since grown further, including the company acquiring two operating renewable portfolios just last week (11 August) made up of 260MW/330MWp of solar projects and 99MW of hydropower.

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