ReNew Power completes merger with SPAC RMG II

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
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.

Read Next

September 20, 2021
A subsidiary of Indian utility Tata Power has received a letter of intent to set up a 250MW grid-connected solar project in the state of Maharashtra.
September 13, 2021
The Indian state of Tamil Nadu is planning to develop 4GW of additional solar projects as well as new battery energy storage systems, according to local media.
September 10, 2021
Independent power producer ReNew Power has commissioned a 250MW portion of a 300MW solar plant in the Indian state of Rajasthan.
September 6, 2021
India-based renewables developer Adani Green Energy has raised US$750 million through a green bond offer, securing the debt and equity needed to reach a 25GW renewables target.
September 2, 2021
Reliance Industries is close to acquiring solar module manufacturer REC Group, according to media reports in India, as part of the conglomerate’s expansion into the renewable energy sector.
August 31, 2021
Azure Power is on track to increase its operating solar capacity by at least a third this fiscal year following a first quarter that saw the independent power producer (IPP) return to profitability.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021