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ReNew Power has successfully completed its business combination with RMG Acquisition Corporation II, receiving $610 million in net proceeds. The transaction was approved with 88% shareholder support. ReNew, now a wholly owned subsidiary, operates over 10 GW of renewable energy projects and is positioned to expand its market presence amidst India's growing demand for green energy. The company will trade on Nasdaq under the symbols RNW and RNWWW starting August 24, 2021. Management emphasizes a focus on expanding clean power and leveraging technology for growth in the renewable sector.
RMG Acquisition Corporation II (NASDAQ: RMGB) announced that its shareholders voted overwhelmingly (88%) in favor of the business combination with ReNew Power Private Ltd. during an extraordinary general meeting on August 16, 2021. The merger is set to close on August 23, 2021, leading to the creation of ReNew Energy Global plc. Following the merger, RMG II will transition into a wholly-owned subsidiary of ReNew Global, with its shares trading under the symbols RNW and RNWWW starting August 24, 2021. The transaction is expected to enhance market presence in the renewable energy sector.
RMG Acquisition Corporation II (NASDAQ: RMGB) announced the expected closing of its business combination with ReNew Power on August 23, 2021, pending shareholder approval at the Extraordinary General Meeting scheduled for August 16, 2021. If approved, RMG II will become a wholly-owned subsidiary of ReNew Energy Global plc, with shares trading under the symbols "RNW" and "RNWW" on the Nasdaq starting August 24, 2021. RMG II had raised $345 million during its IPO and aims to leverage its management team's extensive experience in investment and operations.
ReNew Power has announced binding agreements for the acquisition of two renewable energy portfolios, including a 99MW hydropower project in Uttarakhand and solar projects totaling 260MW/330MWp in Telangana. The combined enterprise value of these acquisitions is approximately INR 28.5 billion (US$384 million), expected to generate an annual EBITDA of INR 3.8 – 4.0 billion (US$50.7 – 53.4 million). This move marks ReNew's entry into the hydropower sector and is seen as a strategic step to enhance its market offerings and support its growth targets.
ReNew Power has signed a Memorandum of Understanding (MoU) with RackBank Datacenters to supply renewable energy to India's first green data center. The MoU includes the construction of a hybrid power generation facility and the purchase of green energy through an Open Access mechanism. This partnership aims to establish a net-zero emissions data center, positioning RackBank for significant growth with a projected 500 MW IT capacity over five years.
The agreement also aligns with ReNew's strategy to support corporate transitions to cleaner energy sources.
RMG Acquisition Corporation II (NASDAQ: RMGB) announced the filing of its definitive proxy statement with the SEC on July 28, 2021, regarding its business combination with ReNew Power, India's leading renewable energy company. The Extraordinary General Meeting for shareholder approval is set for August 16, 2021. Shareholders must vote by August 12, 2021, to ensure representation. RMG II's Board recommends a 'FOR' vote on the merger, expecting the business combination to close shortly after approval, allowing trading of the combined entity on Nasdaq.
ReNew Power won a 200 MW solar generation project in Maharashtra, India, from MSEDCL, rated 'A' by ICRA. The company plans to sign a 25-Year Power Purchase Agreement by Q3 FY 2022, offering energy at Rs 2.43/kWh (~US$0.033). Construction will take place in Gujarat or Rajasthan, utilizing high-efficiency Mono Perc modules from its own facility. The project is expected to be completed by Q1 FY 2024. This marks ReNew's first use of its manufacturing facility in Gujarat, enhancing its competitive position in the renewable energy sector.
