ReNew Power – India’s first renewable energy producer is now a NASDAQ listed company

admin August 26, 2021

Big news indeed!! India’s leading Solar and Wind energy producer ReNew Power is now on NASDAQ by merging with NASDAQ – listed company RMG Acquisition Corp II through SPAC (Special Purpose Acquisition Company) route.

ReNew Energy Global PLC on Tuesday completed its business combination with RMG II a US-based organization giving the former an enterprise value of 8 Billion dollars. RMG II is a blank check company (do not have their own established business plan) and has now become a wholly-owned ReNew Global subsidiary.

The new, U.S. institutional investors will own roughly 25% of the company after 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

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As reported by the company, it is satisfactorily funded to get to a fully owned capacity of 18.5 GW by 2025. Backed by Goldman Sachs, ReNew also plans to invest 9 billion dollars in projects related to wind and solar energies. As India is majorly dependent for power production on Coal, ReNew is expanding its renewable energy production to manifolds to suffice the increasing energy dependence of the country. Playing a central role, ReNew is positioning itself to provide the major chunk of green energy to the country.

Founded by the first-generation entrepreneur, Mr. Sumant Sinha in January 2011, ReNew Power is pioneering the transformation of how energy is produced in India. Spread across more than 100 sites, the company is has witnessed exponential growth under his able leadership. He is a leading torch bearer of creating awareness about climate change, renewable energy, and sustainable economic growth. His book “Fossil Free” is redesigning adequate production and management in a Carbon constraint world. According to Sumant, “The book is a compelling roadmap to a better and cleaner future for India and other developing regions of the world”.

Currently, ReNew is producing energy at a capacity of 1.4% of India’s total installed renewable energy generation. This aids in evading about .5% of total carbon emission on an annual basis in the country.

India, the world’s third-biggest emitter of greenhouse gases, aims to reduce its dependence on coal and expand renewable power capacity almost five-fold to 450 gigawatts by 2030, a $20 billion a year investment opportunity through the end of the decade, according to Prime Minister Narendra Modi. ReNew is positioning itself to play a central role in the nation’s massive green energy build-out.