Creates India’s largest publicly-traded
renewable energy company by total generation capacity
ReNew’s ordinary shares to begin trading on the
NASDAQ tomorrow, August 24, 2021
ReNew Power Private Limited, (“ReNew Power” or the “Company”)
India’s leading renewable energy provider, today announced that it
has completed its previously announced business combination with
RMG Acquisition Corporation II (“RMG II”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210823005631/en/
The transaction was unanimously approved by RMG II’s Board of
Directors and was approved at the extraordinary general meeting of
RMG II’s shareholders held on August 16, 2021 (the “Extraordinary
General Meeting”). Approximately 88% of the votes cast on the
business combination proposal at the Extraordinary General Meeting
were in favor of approving the business combination. RMG II’s
shareholders also voted to approve all other proposals presented at
the Extraordinary General Meeting.
As a result of the business combination, RMG II has become a
wholly owned subsidiary of “ReNew Energy Global plc” (the
post-combination entity referred to in the remainder of this
release as “ReNew”). Commencing at the open of trading on August
24, 2021, ReNew’s Class A ordinary shares and ReNew’s warrants are
expected to commence trading on The Nasdaq Stock Market LLC
(“Nasdaq”) under the symbols “RNW” and “RNWWW,” respectively.
ReNew Power – India’s Leading Pure-Play Renewable Energy
Company
Founded in 2011, ReNew Power is India’s leading renewable energy
independent power producer (IPP), and among the 10th largest
renewable IPPs globally by capacity, with a portfolio of more than
100 operational utility-scale wind and solar energy projects spread
across 9 Indian states. The Company also owns and operates
distributed solar energy projects for more than 150 commercial and
industrial customers across India.
ReNew Power was the first Indian renewable energy company to
cross commissioned capacity milestones of 1 gigawatt (GW) and 2 GW,
and is presently the only company in the Indian renewable energy
sector with over 5 GW of operational capacity. The Company
currently has an aggregate capacity of close to 10 GW (including
capacity already won in competitive bids).
ReNew Power’s growth has been aided by stable cash flows,
secured through long-term contracts with well-regarded
counterparties. Currently, ReNew Power’s total utility-scale
committed capacity is contracted under power purchase agreements
(PPAs) with an average duration of more than 24 years. A bulk of
these contracts are with central government agencies, such as the
Solar Energy Corporation of India (SECI) and NTPC Limited. Over the
last 10 years, ReNew Power has also forged a robust and well
diversified network of suppliers, enabling adoption of the best
technologies, at optimal cost, across its projects portfolio.
Beyond generation of clean power, ReNew Power has also developed
expertise in ancillary areas such as energy storage. In 2020, ReNew
Power won two unique tenders floated by SECI to ensure firm,
reliable, and affordable supplies of green power. This included
India’s first tender for round-the-clock power supply from
renewables, and a tender for a renewable energy project to address
peak power demand by combining wind-solar hybrid generation with
battery storage.
During 2020, ReNew Power also entered into the emerging digital
services business, with the acquisition of Climate Connect, a Pune,
India-based company, and a leading player in AI-enabled grid
management and load forecasting.
Market Overview – Renewable Energy Demand in India Poised to
Grow
ReNew Power’s business model is reinforced by recent trends in
the Indian power generation market, as well as the Indian
government’s green energy targets over the next decade. India’s per
capita electricity consumption is poised for rapid growth in the
next decade, with approximately two-thirds of this incremental
demand being met by power from renewable sources. India’s global
climate commitments regarding reduction of carbon emissions will
dictate a transformational change in the power generation mix –
away from fossil fuels, in favor of renewables. At the same time,
the Indian government’s ambitious target of 450 GW of installed
renewables capacity by 2030, a 5x increase over current levels,
indicates huge market potential. A steady reduction in costs of
generation, driven by technological advances and well-attended
auctions will further accelerate renewables adoption.
As India’s energy transition gathers pace, ReNew Power’s
at-scale, geographically-diversified, multi-technology approach,
backed by disciplined project execution and superior financial
discipline will help the Company sustain its high growth
trajectory.
Management Commentary
“The completion of our business combination with RMG II begins a
new era for our company, and is a great step forward for enabling
further decarbonization of the Indian power sector,” said Sumant
Sinha, CEO of ReNew. “The entire ReNew team has remained
laser-focused on maintaining our leadership position in Indian
renewable energy throughout this process, and we will continue to
work to expand clean power generation across India. We have the
ability to do even more in bringing affordable, reliable, green,
utility-scale power supply to more people and businesses in India
through implementation of our proprietary software and AI-enabled
monitoring capabilities. We are excited to continue our work
developing wind and solar power across India.”
“We have been proud to partner with the ReNew team throughout
this process, and look forward to continuing our relationship as we
move into the next phase of growth for ReNew after the close of our
transaction,” said Robert Mancini, Chief Executive Officer and
Director of RMG II. “ReNew is now well-positioned to maintain and
expand its leadership position as the largest renewable power
generation company in India, and lead decarbonization efforts in
one of the world’s largest and most dynamic economies. With a
strong balance sheet, bolstered by over $870 million of cash from
the transaction, ReNew offers investors a unique way to play the
continued and accelerating clean electrification trend seen across
the global economy. I look forward to working with Sumant and the
whole ReNew team to bring their vision to reality.”
Transaction Overview
As a result of this transaction ReNew has received $610 million
in net proceeds, consisting of funds from RMG II’s former trust
account and from a private placement in public equity (PIPE), after
redemptions and transaction fees. The PIPE is anchored by
institutional investors including funds and accounts managed by
BlackRock, BNP Paribas Energy Transition Fund, Mr. Chamath
Palihapitiya, Sylebra Capital, TT International Asset Management
Ltd, TT Environmental Solutions Fund and Zimmer Partners. ReNew
will use the proceeds to accelerate its growth, fund operations and
pay off debt.
ReNew’s senior management team will continue to lead the
combined company, including Sumant Sinha (Chief Executive Officer),
D Muthukumaran (Chief Financial Officer), Balram Mehta (Chief
Operating Officer), Sanjay Varghese (President and Head of Solar),
Kailash Vaswani (Deputy CFO and President, Corporate Finance), and
Mayank Bansal (Chief Commercial Officer).
ReNew’s Board of Directors will be comprised of ten (10)
members, six (6) of whom are “independent directors” as defined in
the NASDAQ listing standards and applicable U.S. Securities and
Exchange Commission (“SEC”) rules. The Board of Directors will be
led by Chairman, Mr. Sumant Sinha and will also include Robert
Mancini, CEO of RMG II.
Advisors
Goldman Sachs (India) Securities Private Limited and Morgan
Stanley India Company Private Limited (“Morgan Stanley”) served as
financial advisors to ReNew in connection with the business
combination. Morgan Stanley & Co. LLC acted as joint placement
agent to RMG II on the PIPE. Latham & Watkins LLP, Nishith
Desai & Associates and Cyril Amarchand Mangladas served as
legal advisors to ReNew.
BofA Securities served as exclusive financial advisor to RMG II,
and also acted as lead placement agent on the PIPE. Skadden, Arps,
Slate, Meagher & Flom LLP served as legal advisor to RMG II.
Khaitan & Co LLP served as legal advisor to RMG II on Indian
legal aspects.
Ropes & Gray LLP served as counsel to the placement agents
on the PIPE.
About ReNew Power
ReNew Power is India’s leading renewable energy independent
power producer (IPP) by capacity and is the 10th largest global
renewable IPP by operational capacity. ReNew Power develops,
builds, owns, and operates utility-scale wind energy projects,
utility-scale solar energy projects, utility-scale firm power
projects and distributed solar energy projects. As of March 31st,
2021, ReNew Power had a total capacity of approximately 10 GW of
wind and solar energy projects across India, including commissioned
and committed projects. ReNew Power has a strong track record of
organic and inorganic growth. ReNew Power’s current group of
shareholders contain several marquee investors, including GS Wyvern
(part of Goldman Sachs Asset Management), CPP Investments, Abu
Dhabi Investment Authority, GEF SACEF and JERA.
For more information, please visit: www.renewpower.in; Follow
ReNew Power on Twitter @ReNew_Power
About RMG Acquisition Corporation II
RMG Acquisition Corporation II (NASDAQ: RMGB) is a blank check
company formed for the purpose of effecting a merger, amalgamation,
share exchange, asset acquisition, share purchase, reorganization
or other similar business combination with one or more businesses.
RMG II raised $345 million in its December 14, 2020 IPO, which was
upsized due to strong demand and included the underwriters’ full
over-allotment option. RMG II is sponsored and led by the
management team of Jim Carpenter, Bob Mancini, and Phil Kassin, who
together have over 100 years of combined principal investment,
operational, transactional, and CEO and public company board level
leadership experience. www.rmgacquisition.com/
Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of US federal securities laws with respect to the
proposed business combination between RMG II, ReNew and ReNew
Power, including statements regarding the expected date on which
ReNew’s shares and warrants will start trading, the services
offered by ReNew Power and the markets in which it operates, and
ReNew Power’s projected future results. These forward-looking
statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the occurrence of any event, change or other
circumstance that could give rise to the termination of the
business combination agreement and plan of merger, (ii) the effect
of the announcement or pendency of the transaction on ReNew Power’s
business relationships, performance, and business generally, (iii)
risks that the proposed transaction disrupts current plans of ReNew
Power or diverts management’s attention from ReNew Power’s ongoing
business operations and potential difficulties in ReNew Power
employee retention as a result of the proposed transaction, (iv)
the outcome of any legal proceedings that may be instituted against
ReNew, ReNew Power, RMG II or their respective directors or
officers related to the business combination agreement and plan of
merger or the proposed transaction, (v) the amount of the costs,
fees, expenses and other charges related to the proposed
transaction, (vi) the ability to maintain the listing of ReNew’s
securities on The Nasdaq Stock Market LLC, (vii) the price of
ReNew’s securities may be volatile due to a variety of factors,
including changes in the competitive and highly regulated
industries in which ReNew Power plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting ReNew Power’s business and changes in the combined
capital structure, (viii) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities, including the conversion of pre-orders into binding
orders, (ix) the ability of ReNew to issue equity or equity-linked
securities in connection with the transaction or in the future, (x)
the risk of downturns in the renewable energy industry and (xv) the
impact of the global COVID-19 pandemic on any of the foregoing. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of ReNew’s
registration statement on Form F-4, the proxy statement/consent
solicitation statement/prospectus discussed below, RMG II’s
amendment no. 2 to its Annual Report on Form 10-K/A and other
documents filed by ReNew or RMG II from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking
statements.
Forward-looking statements speak only as of the date they are
made. Readers are cautioned not to put undue reliance on
forward-looking statements, and ReNew, ReNew Power and RMG II
assume no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither ReNew, nor ReNew Power nor RMG
II gives any assurance that either ReNew, ReNew Power or RMG II
will achieve its expectations. The inclusion of any statement in
this communication does not constitute an admission by ReNew, ReNew
Power or RMG II or any other person that the events or
circumstances described in such statement are material.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210823005631/en/
ReNew Power Media
Enquiries Arijit Banerjee arijit.banerjee@renewpower.in
+91 9811609245 Madhur Kalra Madhur.kalra@renewpower.in +91
9999016790 Investor Enquiries
Nathan Judge, CFA Investor Relations IR@renewpower.in RMG
Acquisition Corporation II For Media
& Investors Philip Kassin President & Chief
Operating Officer pkassin@rmginvestments.com
RMG Acquisition Corporat... (NASDAQ:RMGB)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
RMG Acquisition Corporat... (NASDAQ:RMGB)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
