Having abandoned plans for an IPO three years ago, ReNew Power has now settled on a reverse merger and will secure proceeds worth $1.2bn.
ReNew Power, an India-based renewable energy provider backed by energy utilities Chubu Electric Power and Tokyo Electric Power, agreed to a reverse merger with special purpose acquisition company with RMG Acquisition Corporation II yesterday.
Funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Sylebra Capital, TT International Asset Management, TT Environmental Solutions Fund, Zimmer Partners and private investor Chamath Palihapitiya have committed $855m of private investment in public equity.
Together with $345m already held by RMG, ReNew Power…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
