India's ReNew Power to list on NASDAQ on August 24; proceeds to be used to support growth strategy- Check details

ReNew Power, one of India’s leading renewable energy producers, is all set to get listed on Nasdaq on Tuesday, August 24, 2021.

"Our ReNewers are invigorated and excited to achieve another milestone in our decade-long journey of success. Be a part of our celebrations by tuning in to the Nasdaq bell ringing ceremony virtually, on 24th August," ReNew Power tweeted on Monday.

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In February 2021, ReNew Power had announced that it will list on the NASDAQ through a business combination with RMG Acquisition Corporation II in USD 8 billion transaction.

Our ReNewers are invigorated and excited to achieve another milestone in our decade-long journey of success.

Be a part of our celebrations by tuning in to the Nasdaq bell ringing ceremony virtually, on 24th August.#ReNewPower #1DaysToNASDAQ #CountdownToNasdaq pic.twitter.com/pWvY4Lv3pt

— ReNew Power (@ReNew_Power) August 23, 2021

"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”," the company had said.

The transaction would further bolster ReNew’s position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt, the statement added.

"Proceeds (from the deal) will be used to support ReNew's growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity, as well as to reduce debt," the statement said.

Founded in 2011, ReNew Power counts Goldman Sachs and Canada Pension Plan Investment Board (CPPIB) among its prominent investors. It owns and operates 5 GW of solar and wind energy projects.

ReNew's management, and its current group of stockholders, including Goldman Sachs, CPPIB, Abu Dhabi Investment Authority, and JERA Co, among others. The firm's leadership will remain intact, with Sumant Sinha as Chairman and Chief Executive Officer of the combined company, overseeing its strategic growth initiatives and expansion.

The Board of Directors of the combined company will include representation from ReNew’s existing stockholders, RMG II, and independent directors. Mancini will be the appointee from RMG II to the Board.