Indian renewables giant ReNew Power has completed its merger with a US investment firm and subsequent listing on the Nasdaq stock exchange.
The independent power producer has now merged with RMG Acquisition Corporation (RMG), creating a new company called ReNew Energy Global plc.
It reported it had made $610 million in net proceeds from the transaction.
This includes funds from both RMG’s former trust account and from a private placement from funds and accounts managed by institutional investors including BlackRock and BNP Paribas’ Energy Transition Fund.
ReNew Energy Global CEO Sumant Sinha said: “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.”
RMG’s board of directors unanimously approved the merger earlier this month, while 88% of votes cast at an extraordinary general meeting were in favour of the transaction.
When it announced the deal in February, ReNew Power claimed that the deal would help to boost its position in India’s wind and solar market by funding medium-term growth opportunities as well as paying down debt.
It currently owns more than 5GW of operational wind and solar capacity in its home market and a further 5GW of capacity already won at auction.
ReNew Power has also worked in energy storage, and has won tenders in India to supply continuous renewable electricity. It has also acquired AI-enabled grid management and load forecasting services through its purchase of Indian firm Climate Connect.
ReNew’s senior management team will continue to lead the combined company
The board will consist of ten members, six of whom will be independent directors. It will include ReNew CEO Sumant Sinha and RMG’s counterpart, Robert Mancini.