Cleary Gottlieb is representing Goldman Sachs, the largest shareholder in ReNew Power (ReNew), in ReNew’s proposed public listing through a business combination with RMG Acquisition Corporation II (RMG), a special purpose acquisition company.
ReNew and RMG entered into a definitive agreement for a business combination that would result in ReNew becoming a publicly listed company on the NASDAQ upon completion of the transaction (expected in Q3 2021 subject to customary closing conditions).
The transaction is expected to result in net cash proceeds of approximately $1.2 billion (including $855 million in PIPE investments), bolstering ReNew’s leading position in the generation of solar and wind renewable power for the Indian market by funding medium-term growth opportunities, as well as paying down debt.
Goldman Sachs is among the existing group of shareholders of Renew, who along with existing management will be rolling a majority of their equity into the new company, and are expected to represent approximately 70% of the company ownership upon transaction close. Other shareholders include Canadian Pension Plan Investment Board, Abu Dhabi Investment Authority, and JERA.
ReNew is India’s leading pure-play renewable energy producer.