Indian renewables SPAC sets temperate tone

ReNew Energy Global

24/02/2021 14:34

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Una Galani
    MUMBAI, Feb 24 (Reuters Breakingviews) - Goldman-backed
ReNew Power is listing in New York via a blank-cheque firm. It’s
a decent bet on India’s pivot to clean energy, with a structure
and valuation that factor in the industry’s flaky customers.
Future Asian SPAC deals in waiting may not be so well grounded.
    Full view will be published shortly.
    On Twitter https://twitter.com/ugalani
    
    CONTEXT NEWS
    - Goldman Sachs-backed ReNew Power is going public via a
merger with RMG Acquisition Corp II, a special-purpose
acquisition company led by clean-energy investor Jim Carpenter
and former Carlyle executive Robert Mancini, ReNew said on Feb.
24. 
    - The merger values ReNew’s equity at $4.4 billion. ReNew is
additionally raising $855 million from investors through a
private placement of shares, of which up to $500 million will go
to existing investors selling down some of their holdings. ReNew
will receive primary net proceeds of $610 million from the
two-stage transaction. 
    - BlackRock, BNP Paribas and Chamath Palihapitiya are among
investors in the private placement. 
    - Other large existing investors in ReNew include the Canada
Pension Plan Investment Board and the Abu Dhabi Investment
Authority. 
    - ReNew was established in 2011 and has 5.4 gigawatts of
operational capacity and 4.5 gigawatts of committed capacity,
mostly in solar and wind assets. 
    - Goldman and Morgan Stanley advised ReNew on the merger.
Bank of America advised the acquirer.     
    - For previous columns by the author, Reuters customers can
click on  GALANI/   
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UPDATE 2-Goldman Sachs-backed ReNew Power to go public in $8-bln
U.S. blank-check deal     urn:newsml:reuters.com:*:nL4N2KU3J6
ReNew statement    https://www.sec.gov/Archives/edgar/data/1820143/000119312521053301/d102219dex991.htm
BREAKINGVIEWS-SPACs and electric cars drive hype feedback loop  
  urn:newsml:reuters.com:*:nL1N2KT02X
BREAKINGVIEWS-Coal India is in the pits of climate activism    
 urn:newsml:reuters.com:*:nL1N2KM00X
BREAKINGVIEWS-Total’s Indian green energy splurge has two hedges
     urn:newsml:reuters.com:*:nL8N2JT20G
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 (Editing by George Hay and Oliver Taslic)
 ((una.galani@thomsonreuters.com;  Reuters Messaging:
una.galani.thomsonreuters.com@reuters.net))