ReNew Power, India’s leading renewable energy company, to publicly list through business combination with RMG Acquisition Corporation II in $8 billion transaction 26th February 2021
ANTARA/Business Wire
• ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II (“RMG II”); upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol “RNW”
• Pro forma consolidated & fully diluted enterprise value of approximately $8 billion; transaction expected to close in the second quarter of 2021, subject to customary closing conditions
• Total anticipated proceeds of $1.2 billion, comprised of $855 million, upsized, fully-committed private placement of common stock in ReNew Power (the “PIPE”) and $345 million of gross cash held in trust by RMG II, subject to redemptions; anticipated net primary proceeds of approximately $610 million t
By Simi Mehta, Ritika Gupta, Manoswini Sarkar
Climate change is one of the most pressing issues that the world is collectively facing at the moment. It is contended that strengthening the global response is pertinent to combat the threat of climate change.
1 The United Nations Framework Convention on Climate Change (UNFCCC) adopted in 1992 that entered into force on 21 March, 1994, primarily aims to prevent anthropogenic interference in the earth’s climate system and stabilize Greenhouse Gas (GHG) emissions. With this aim, the Conference of Parties meets every year to assess progress and review documents by countries on their plans to combat climate change.
300 MW solar power plants of SCCL by November
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Chairman and Managing Director of Singareni Collieries Company Limited (SCCL) N. Sridhar has asked officials to synchronise with the grid by November 300 MW of solar power plants being installed by SCCL.
The first and second phase of the project with a total capacity of 219 MW could be completed by April and the balance 81 MW in the third phase by September, Mr. Sridhar said at a meeting on Wednesday with the representatives of agencies involved in the erection work, Solar Energy Corporation of India, Central renewable energy department and other officials belonging to solar energy.
RMG Acquisition Corporation II
ReNew Power, India’s Leading Renewable Energy Company, to Publicly List through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction
Wednesday, February 24, 2021 6:44PM IST (1:14PM GMT)
New York, United States & New Delhi, India:
ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II (“RMG II”); upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol “RNW”
Pro forma consolidated & fully diluted enterprise value of approximately $8 billion; transaction expected to close in the second quarter of 2021, subject to customary closing conditions
Renewable energy business recovers but capacity auctions face challenges
According to CEEW-CEF, RE capacity additions increased by 59 per cent to 1.9 GW during the quarter compared to Q1 of FY21.
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| A+A A- By Express News Service
NEW DELHI: Renewable energy capacity additions have clawed their way back to well above their pre-Covid levels in the October-December 2020 quarter, according to a report from the CEEW-Centre for Energy Finance (CEEW-CEF).
However, while the restoration of supply chains has aided the recovery, capacity auctioned during the period took a hit due to challenges faced by the Solar Energy Corporation of India (SECI) in finding buyers for previously tendered capacity.