ReNew Power Merges with RMG II, Lists on Nasdaq via SPAC By Soumya Duggal/ Updated On Wed, Aug 25th, 2021 Highlights : Haryana-based ReNew Power has completed its previously announced business combination with RMG Acquisition Corporation II. On Tuesday, ReNew Energy, the UK-domiciled holding company for ReNew Power, started trading on the US exchange under the ticker symbol ‘RNW’. In early trades, the stock was quoted at $8.6. Haryana-based ReNew Power has completed its previously announced business combination with RMG Acquisition Corporation II. After the combination, RMG II has become a wholly-owned subsidiary of ReNew Energy Global. Consequently, ReNew’s Class A ordinary shares and warrants commenced trading on the U.S. stock exchange NASDAQ on August 24, 2021. The company listed in the US through the special purpose acquisition company (SPAC) route and achieved a market capitalisation of nearly $4.5 billion (about Rs 33,500 crore). Rs. 15,145 crores. On Tuesday, ReNew Energy, the UK-domiciled holding company for ReNew Power, started trading on NASDAQ under the ticker symbol ‘RNW’. In early trades, the stock was quoted at $8.6. ReNew Power Makes First Hydro Acquisition, Adds 359 MW Acquisitions Also Read As a result of the merger, ReNew has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and from a private placement in public equity, after redemptions and transaction fees, said the company . ReNew will use the proceeds to accelerate its growth, fund operations and pay off debt. At present, it has a capacity of about 10 GW, including capacity already won in competitive bids. “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 decarbonisation of the Indian power sector… We will continue to work to expand clean power generation across India,” said Sumant Sinha, CEO of ReNew. SECI, Renew Power Sign PPA For 400 MW RTC Tender Won In 2020 Also Read Sinha said the company will look at opportunities outside India at some point but at this point, its focus is primarily on the Indian market. He said the company is fully funded at this point in time to get to 18.5 gigawatts of fully-owned capacity by 2025. The company said that this combination with RMG II has created India’s largest publicly-traded renewable energy company by total generation capacity. “With a strong balance sheet, bolstered by over $870 million of cash from the transaction, ReNew offers investors a unique way to play the continued and accelerating clean electrification trend seen across the global economy,” said Robert Mancini, chief executive officer and director of RMG II. Goldman Sachs (India) and Morgan Stanley India served as financial advisors to ReNew in connection with the business combination. Morgan Stanley acted as joint placement agent to RMG II on the PIPE. Latham & Watkins, Nishith Desai & Associates and Cyril Amarchand Mangladas served as legal advisors to ReNew Power. With the ReNew listing, large institutional investors have a quality addition to renewable energy investment options in India, as Adani Green Energy, despite very high valuations driven by low floating stock, has not really achieved that. Adani Green’s market valuation is currently at almost $20 billion . Tags: NASDAQ, ReNew Power, RMG Acquisition Corporation II, special purpose acquisition company (SPAC) route, U.S.