ReNew Power finishes merger with SPAC RMG II
- RMG Acquisition Corporation II's investors have actually elected to approve its mix with Indian independent power producer (IPP) ReNew Power.
Approximately 88% of the ballots cast at the openly traded special purpose acquisition company's (SPAC) remarkable basic conference remained in favour of the merger. These are set to be arranged by an independent inspector today, on a Form 8-K with the US Securities and Exchange Commission.
Complying with the contentment or waiver of the traditional closing conditions, the merger will close on 23 August 2021.
RMG II will certainly then come to be a wholly-owned subsidiary of ReNew Energy Global, a newly integrated holding company from the power manufacturer. Class A shares of the company will be traded on the Nasdaq Global Select Market under the symbol RNW on 24 August. In a similar way warrants will be traded under RNWWW.
The merger was first introduced in February, with ReNew stating as the deal will reinforce its setting in solar and wind generation in the Indian market by moneying medium-term development opportunities. The mixed ReNew Energy Global entity is valued at US$ 8 billion.
RMG II is a blank check company sponsored by Jim Carpenter, Bob Mancini, and Phil Kassin that raised $345 million in its 14 December 2020 IPO, enabling it to seek a merger. SPACs are becoming increasingly common in the energy space, as Jack Mason-Jebb and Brad Isaac, of law firm Fieldfisher, described in a current post for PV Tech Power.
ReNew Power is India's leading IPP by ability, and the tenth greatest on the planet. As of March 31, it had an overall capability of 10GW of wind and solar power projects throughout India. This has since expanded further, consisting of the company getting 2 running eco-friendly portfolios just recently (11 August) made up of 260MW/330MWp of solar projects and 99MW of hydropower.
