August 24 (Renewables Now) - India’s ReNew Power Pvt Ltd has finalised its merger with blank check company RMG Acquisition Corporation II (NASDAQ:RMGB), thus gaining access to trading on Nasdaq.
RMG II will be a wholly-owned subsidiary of ReNew Energy Global plc (ReNew Global) -- a newly-incorporated holding company that was set up to effect the business combination, ReNew Power said on Monday. Following the deal, the Indian renewable power producer backed by Goldman Sachs will have its Class A shares and warrants start trading on the Nasdaq Global Select Market on August 24 under the symbols “RNW” and “RNWWW,” respectively.
ReNew Power in February announced it would merge with RMG II in a deal with an enterprise value of USD 8 billion (EUR 6.81bn). The move, which was cleared by RMG II’s board of directors and shareholders earlier in August, resulted in USD 610 million in cash proceeds for ReNew Power, consisting of funds from RMG II’s former trust account and from a private placement in public equity (PIPE).
ReNew Power has more than 5 GW of renewable energy assets in operation. The company intends to allocate the fresh funds to finance its planned expansion through 2025 and pay off debt.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.