ReNew Power completes business mix and begins trading on the NASDAQ
- Indian independent power manufacturer (IPP) ReNew Power has completed its planned company mix with RMG Acquisition Corporation (RMG II) and has today started trading on the NASDAQ.
Because of this, RMG II has ended up being a wholly owned subsidiary of ReNew Energy Global plc, with the latter receiving US$ 610 million in net earnings from the setup. The bargain has actually produced India's biggest publicly traded renewable energy company by total electricity generation, ReNew said in a news releases.
Its board of supervisors will certainly be consisted of 10 members. 6 will be independent supervisors based on the NASDAQ listing criteria and United States Securities and Exchange Commission policies. The board of supervisors will certainly be led by ReNew chairman and Chief Executive Officer Sumant Sinha and will also consist of Robert Mancini, CEO of RMG II.
"With a solid balance sheet, strengthened by over US$ 870 numerous money from the transaction, ReNew offers investors an unique way to play the continued and accelerating clean electrification trend seen throughout the international economy," claimed Mancini.
"We have the ability to do even more in bringing budget-friendly, reliable, eco-friendly, utility-scale power supply to even more people and companies in India with implementation of our proprietary software program and AI-enabled tracking abilities," said Sinha.
Previously this month (17 August), PV Tech reported that 88% of RMG II's shareholders had actually elected to approve the mix with ReNew, finishing the SPAC's merger. Prior to this, an agreement to go public had been made in between the two in a bargain that valued the combined entity at US$ 8 billion. It was expected to enclose Q2 2021.
ReNew has significantly reinforced its portfolio this month with the acquisition of 2 operating renewable resource portfolios in India-- 260MW/330MWp solar projects in the state of Telangana and a 99MW hydropower facility in Uttarakhand, the business's first hydro property. On top of that, it has authorized a power purchase agreement (PPA) for a 400MW renewables project that will provide Round-The-Clock (RTC) electrical power supply, which the business claims is the very first of its kind in India.
RMG II is a blank check company sponsored by Jim Woodworker, Bob Mancini and Phil Kassin that elevated US$ 345 million in its 14 December 2020 IPO, permitting it to go after a merging. SPACs are becoming increasingly common in the energy space, as Jack Mason-Jebb and Brad Isaac of law firm Fieldfisher.