Goldman Sachs-backed ReNew Energy to go public in $8 billion U.S. blank-check deal

Goldman Sachs-backed ReNew Energy to go public in $8 billion U.S. blank-check deal

(Reuters) – India’s largest renewable vitality agency ReNew Energy stated on Wednesday it could go public by an $8 billion merger with a blank-check agency within the greatest deal within the fast-growing clear vitality sector within the nation.

FILE PHOTO: Energy producing windmill generators are pictured in the course of the inauguration ceremony of the brand new 25 MW ReNew Energy wind farm at Kalasar village within the western Indian state of Gujarat Might 6, 2012. REUTERS/Amit Dave

The deal shall be financed with money proceeds of $1.2 billion, together with $855 million in investments from serial blank-check dealmaker Chamath Palihapitiya, funds managed by BlackRock and Sylebra Capital.

Based in 2011, ReNew Energy counts Goldman Sachs and Canada Pension Plan Funding Board (CPPIB) amongst its distinguished traders. It owns and operates photo voltaic vitality initiatives for greater than 150 industrial and industrial clients throughout India.

It’s amongst a wave of clean-energy companies poised to profit from the nation’s push into renewable vitality.

India, the world’s third-largest emitter of greenhouse gases, desires to boost its renewable vitality capability to 500 gigawatts (GW), or 40% of complete capability, by 2030.

ReNew Energy’s complete operational clear vitality capability is at the moment over 5 gigawatts (GW) and it has an mixture capability of about 10 GW. It additionally counts Abu Dhabi Funding Authority, World Setting Fund and JERA Co Inc – a consortium of two of the most important Japanese utilities – as traders.

Goldman Sachs and Morgan Stanley are serving as monetary advisers to ReNew, with Morgan Stanley additionally appearing as a joint placement agent to the clean verify firm RMG Acquisition Company II on the PIPE deal.

RMG Acquisition’s shares jumped about 14% in New York earlier than the beginning of normal buying and selling. The mixed entity is anticipated to be listed on the Nasdaq below the ticker image “RNW”.

SPACs like RMG elevate cash by an preliminary public providing (IPO) to merge with a privately held firm that then turns into publicly traded.

Palihapitiya, a former Fb government, additionally led the PIPE (personal funding in public fairness) spherical at SoftBank-backed robotics agency Berkshire Gray, which earlier on Wednesday agreed to go public by a merger with a blank-check agency.

Reporting by Anirban Sen in Bengaluru and Sudarshan Varadhan in New Delhi; Enhancing by Shinjini Ganguli and Saumyadeb Chakrabarty

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