Goldman Sachs-backed ReNew Power to go public via $8-bln SPAC deal (updated)

ReNew Energy Global

24/02/2021 12:00

(Adds more details on deal)
    Feb 24 (Reuters) - India's largest renewable energy firm
ReNew Power on Wednesday agreed to go public through a merger
with blank-check firm RMG Acquisition Corporation II  RMGB.O ,
in a deal that values the merged entity at roughly $8 billion. 
    The deal will be financed with cash proceeds of $1.2
billion, including investments of $855 million from investors
including serial blank-check dealmaker Chamath Palihapitiya,
funds managed by BlackRock and Sylebra Capital among others. 
    Palihapitiya also led the PIPE (private investment in public
equity) round at SoftBank-backed Berkshire Grey, which earlier
on Wednesday agreed to go public through a merger with a
blank-check firm.  urn:newsml:reuters.com:*:nL4N2KU3FD
    Founded in 2011, ReNew Power counts Goldman Sachs and Canada
Pension Plan Investment Board (CPPIB) among its prominent
investors. It is among a wave of clean-energy firms poised to
benefit from India's push into the renewables market.  
    India, the world's third-largest emitter of greenhouse
gases, wants to raise its renewable energy capacity to 500
gigawatts (GW), or 40% of total capacity, by 2030.

 (Reporting by Anirban Sen in Bengaluru; Editing by Shinjini
Ganguli)
 ((Anirban.Sen@thomsonreuters.com; (within U.S.+1 646 223 8780;
outside U.S. +91 80 6182 3583) Twitter: @asenjourno;))