On Tuesday, ReNew Power Pvt Ltd (ReNew Power) announced the completion of a “business combination” with RMG Acquisition Corporation II of the United States (RMG II).
ReNew Power announced its merger with blank-check company RMG II in February, giving India’s largest renewable energy generator an enterprise value of $8 billion and a NASDAQ listing.
A blank-check company is a startup that lacks an established business plan.
“As a result of the business combination, RMG II has been transformed into a wholly-owned subsidiary of ReNew Energy Global plc (the post-combination entity referred to as ReNew,” ReNew Power stated in a statement.
Sumant Sinha, CEO of ReNew Power, stated, “The conclusion of our business combination with RMG II is a significant step forward in allowing the Indian power sector to further decarbonize. We will continue to work to expand India’s clean energy generation capacity. We are thrilled to continue our involvement in India’s wind and solar energy development.”
“We have been happy to collaborate with the ReNew team during this process, and look forward to extending our connection as ReNew enters the next chapter of growth following the closing of our deal,” said Robert Mancini, Chief Executive Officer and Director of RMG II.
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