ReNew Energy Global PLC Announces Proposed Board of Directors for Post-Combination Company

Rhea-AI Summary

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.

Positive

• Diverse and experienced Board of Directors proposed to guide the company's growth.
• Sumant Sinha to continue as Chairman, ensuring continuity in leadership.

Negative

• Potential concerns about continuity with new board dynamics.
• Incoming directors may lack specific experience in renewable energy sector.

LONDON, June 28, 2021 /PRNewswire/ -- ReNew Energy Global PLC, ("the Company" or "ReNew Global") today announced the proposed appointment of a new Board of Directors, which is to be seated after the close of the Company's proposed business combination with RMG Acquisition Corporation II ("RMG II").

The proposed Board of Directors for ReNew Global include the following six independent Directors:

• Sir Sumantra Chakrabarti, formerly the President of The European Bank for Reconstruction and Development for two terms and Advisor to the Presidents of Kazakhstan and Uzbekistan on Economic Development. Sir Sumantra will also be the chairperson of the nomination committee.
• Mr. Manoj Singh, formerly the Chief Operating Officer at Deloitte Touche Tohmatsu Ltd. (Deloitte Global), as part of a thirty-six-year career with the firm. Mr Singh will be the chairperson of the audit and remuneration committees.
• Ms. Michelle Robyn Grew, Group Chief Operations Officer, General Counsel and the Head of CSR and Responsible Investing for Man Group
• Dr. Ram Charan, a renowned management thinker and advisor to various global companies such as Bank of America, Toyota, 3G, Yidliz Holdings, Muyuan in China. He served on the faculties of Harvard Business School and Northwestern University.
• Ms. Vanitha Narayanan, prior Chairman and MD of IBM India and Board leader with a successful track record spanning three decades across multiple geographies in technology and telecommunications; and
• Mr. Robert S. Mancini, RMG II's Chief Executive Officer and a Director since inception with decades of power sector experience as a former executive of Goldman Sachs & Co. and The Carlyle Group.

In addition, the other four proposed directors are:

• Mr. Sumant Sinha, the founder of ReNew Power and ReNew Power's Chairman and CEO since 2011. He will continue to serve as the Chairman of the post-combination company.
• Mr. Michael Bruun, head of Europe, Middle East and Africa corporate equity and head of India corporate and growth investing at Goldman Sachs Asset Management.
• Mr. Anuj Girotra, who oversees the Active Fundamental Equities and Relationship Investments programs for India at Canada Pension Plan Investment Board (CPP Investments); and
• Mr. Projesh Banerjea, a Portfolio Manager in the Infrastructure Division at ADIA, who is responsible for the team's Asia coverage efforts.

Speaking about ReNew Global's proposed Board, Founder, Chairman and CEO of ReNew Energy Global PLC, Mr. Sumant Sinha said, "The Board of Directors that we have put together, which include many independent directors and two women directors, is a diverse group of incredibly experienced professionals, with expertise across international institutions, business and government. The proposed Board is the right group to guide ReNew in its next phase of growth, and to serve as stewards for the new publicly listed company. I look forward to working with all of them to continue our market leading work in the Indian renewable energy space."

Full biographies of the proposed Directors are available in the Company's draft F-4/A filing, which is accessible at www.sec.gov.

About ReNew Energy Global

ReNew Global is anticipated to be the parent company of ReNew Power Private Limited (ReNew) after the close of the Company's proposed business combination with RMG Acquisition Corporation II. ReNew is India's leading renewable energy independent power producer (IPP) by capacity and is the 13th largest global renewable IPP by operational capacity. ReNew develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. As of March 31, 2021, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects from organic and inorganic growth opportunities. ReNew's current group of stockholders contain several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.

As previously announced, ReNew Energy Global Plc has entered into a definitive agreement for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB), a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the third quarter of 2021.

For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power

No Offer or Solicitation

This press release is for informational purposes only and shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Press Enquiries

Arijit Banerjee
arijit.banerjee@renewpower.in 
+91 9811609245

Investor Enquiries

Nathan Judge, CFA
nathan.judge@renewpower.in 
+1 917-209-6750

Caldwell Bailey
ICR, Inc.
IR@renewpower.in

 

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SOURCE ReNew Power Private Limited

FAQ

What is the significance of the proposed Board of Directors for ReNew Energy Global?

The proposed Board includes experienced professionals expected to guide ReNew Energy Global through its growth in the renewable energy market.

When will the new Board of Directors be seated?

The new Board is expected to be seated after the close of the business combination with RMG Acquisition Corporation II.

What is ReNew Energy Global's capacity in renewable energy?

ReNew Power has a total capacity close to 10 GW in wind and solar energy projects as of March 31, 2021.

What role does Sumant Sinha play after the business combination?

Sumant Sinha will continue to serve as Chairman of ReNew Energy Global post-business combination.

What is the timeline for the business combination with RMG Acquisition Corporation II?

The completion of the transaction is expected in the third quarter of 2021.