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ReNew Energy Global PLC announced the proposed Board of Directors following its business combination with RMG Acquisition Corporation II (NASDAQ: RMGB). The board consists of six independent members, including Sir Sumantra Chakrabarti and Manoj Singh, plus four additional directors including ReNew Power's founder, Sumant Sinha. This leadership aims to guide ReNew through its next growth phase in the renewable energy sector, particularly in India, where it is the leading independent power producer with a capacity close to 10 GW. The transaction completion is expected in Q3 2021.
The UN Global Compact has recognized Sumant Sinha, Chairman & MD of ReNew Power, as one of the 2021 SDG Pioneers for his efforts in promoting clean energy and sustainability. Under his leadership, ReNew Power has integrated Sustainable Development Goals (SDGs) into its operations, contributing to SDG 7 (Affordable and Clean Energy) and SDG 5 (Gender Equality). The company, founded in January 2011, operates approximately 10 GW of renewable energy capacity in India, significantly impacting carbon emissions. The business combination with RMG Acquisition Corporation II aims to make ReNew Power a publicly listed entity.
ReNew Power has partnered with Stanford University's Precourt Institute for Energy and its StorageX Initiative to address battery storage challenges in India. This collaboration aims to enhance grid-level battery performance, crucial for stable renewable power delivery. ReNew's membership in the Stanford Energy Corporate Affiliate program allows access to advanced research and technology. The company has already achieved significant milestones, including winning India's first renewable power auction combined with energy storage for peak supply, showcasing its commitment to meeting India's 2030 renewable capacity goals.
ReNew Power announced its participation in several investor events in June 2021, including the Cowen Sustainability & Energy Transition Summit and the RBC Global Energy, Power & Infrastructure Conference. The schedule also includes the JP Morgan Asia Pacific ESG Forum and the Roth Capital Virtual London Conference. ReNew Power, India's leading renewable energy independent power producer, has a capacity of nearly 10 GW across wind and solar projects. The company is set to merge with RMG Acquisition Corporation II (NASDAQ: RMGB) to become publicly listed, expected to complete in Q2 2021.
ReNew Power and RMG Acquisition Corporation II (NASDAQ: RMGB) have filed a public proxy statement with the SEC regarding their proposed business combination. This transaction, expected to close in early Q3 2021, is subject to RMG shareholders' approval and customary conditions. ReNew is set to receive approximately $610 million in net proceeds aimed at funding expansion through 2025. Post-transaction, existing ReNew shareholders will own about 70% of the combined entity, which will be led by ReNew's CEO, Sumant Sinha.
ReNew Power announced plans to develop a solar cell and module manufacturing facility in the Dholera Special Industrial Region, Gujarat. The facility will produce 2 GW of solar cells and modules annually using advanced manufacturing technology and is expected to create 2,500 jobs. Operations are slated to begin in fiscal year 2023. The facility aligns with India's goal of achieving 450 GW of clean energy capacity by 2030 and aims to reduce import dependency, particularly from China. ReNew's manufacturing unit will also benefit from Government incentives under the Production-Linked Incentive scheme.
ReNew Power, India's leading renewable energy company, has successfully commissioned a 105 MW solar facility in Gujarat, enhancing its operational solar capacity in the state to 145 MW and total capacity to 4.7 GW across India. The project is backed by a 25-year power purchase agreement with GUVNL at a rate of Rs 2.68/kWh. This commissioning, part of over 500 MW in renewable projects announced since March, aligns with India's goal of achieving 450 GW of clean energy by 2030. ReNew is also set for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB).
ReNew Power has successfully priced $585 million of 4.5% U.S. dollar-denominated green bonds set to mature in 2028. The bonds were priced on March 31, 2021, and the proceeds will primarily be used to repay outstanding debt. With a tenor of 7.25 years and a fixed interest rate, these bonds will be listed on the India International Exchange (IFSC). ReNew Power is India's leading renewable energy company with nearly 10 GW of operational capacity across wind and solar energy projects as of December 31, 2020.
ReNew Power has been recognized as a member of the World Economic Forum's Global Lighthouse Network, highlighting its commitment to technology-driven sustainable growth. This accolade is rooted in ReNew's investments in digital analytics and machine learning, which have enhanced the efficiency of its solar and wind assets. The Hubli facility specifically improved productivity by 31% and reduced downtime by the same percentage without additional capital costs. ReNew aims to leverage technology further to support India's clean energy transition and will be formally acknowledged during the "Lighthouse Live" event on March 17, 2021.
ReNew Power and RMG Acquisition Corporation II (RMGB) have signed a definitive agreement for a business combination, which will take ReNew public on NASDAQ under the ticker "RNW." The merger aims to enhance ReNew’s market position in India's renewable energy sector, with an estimated pro forma market capitalization of $4.4 billion. Funding of approximately $1.2 billion will support growth and debt reduction. ReNew, a leader in solar and wind energy with nearly 10 GW of capacity, plans to expand further within India's green energy landscape and contribute to national renewable targets.
