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ReNew Power Lists On Nasdaq

One of India's largest renewable energy producers debuted on the Nasdaq.

<div class="paragraphs"><p>The Nasdaq Opening Bell ceremony as ReNew Power lists on the U.S. stock exchange on Aug. 24, 2021. (Photograph: Nasdaq Twitter site)</p></div>
The Nasdaq Opening Bell ceremony as ReNew Power lists on the U.S. stock exchange on Aug. 24, 2021. (Photograph: Nasdaq Twitter site)

ReNew Power Pvt., one of India's largest renewable energy producers, debuted on the Nasdaq after completing its merger with U.S.-based blank-check company RMG Acquisition Corp. II.

As a result of the business combination, RMG II has become a wholly owned subsidiary of ReNew Energy Global plc, an Aug. 23 company statement said. ReNew’s Class A ordinary shares and warrants commenced trading on the U.S. stock exchange on Aug. 24.

Founded in 2011, ReNew has about 5.4 gigawatts of operational wind and solar plants, while 4.5 gigawatts of projects are under development.

It received about $610 million in net proceeds as per the deal, struck in February. This investment is anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners, according to the company statement.

<div class="paragraphs"><p>ReNew power Chairman and Managing Director Sumant Sinha at the company's listing ceremony at the Nasdaq. (Photograph: Nasdaq Twitter site)</p></div>

ReNew power Chairman and Managing Director Sumant Sinha at the company's listing ceremony at the Nasdaq. (Photograph: Nasdaq Twitter site)

The deal proceeds along with current cash and cash-flow generation over the next few years will help fund capacity expansion to 18.5 GW by 2025, Sinha added.

The new, U.S. institutional investors will own roughly 25% of the company subsequent to the deal, Chairman and Managing Director Sumant Sinha said in a post-listing interview with CNBC TV18. Early backer Goldman Sachs Asset Management will see its ownership fall from 48% to 33-35%, he said. Others such as CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA will also see a dilution of shareholding.

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