NEW DELHI: ReNew Power has agreed to merge with blank-check company RMG Acquisition Corporation II, giving India’s biggest renewable power producer an enterprise value of $8 billion and a listing on NASDAQ.
The biggest deal in the fast-growing clean energy sector is expected to close in the second quarter, a company statement said on Wednesday. The deal will be financed with cash proceeds of $1.2 billion, including $855 million in investments from serial blank-check dealmaker Chamath Palihapitiya, funds managed by BlackRock and Sylebra Capital.
A blank-check company is a developmental stage firm that does not have established business plan. “The transaction would further bolster ReNew’s leading position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt,” it said.
