India’s largest renewable energy firm ReNew Power on Wednesday agreed to go public through a merger with blank-check firm RMG Acquisition Corporation II, in a deal that values the merged entity at roughly $8 billion.
The deal will be financed with cash proceeds of $1.2 billion, including investments of $855 million from investors including serial blank-check dealmaker Chamath Palihapitiya, funds managed by BlackRock and Sylebra Capital among others.
Palihapitiya also led the PIPE (private investment in public equity) round at SoftBank-backed Berkshire Grey, which earlier on Wednesday agreed to go public through a merger with a blank-check firm.
Founded in 2011, ReNew Power counts Goldman Sachs and Canada Pension Plan Investment Board (CPPIB) among its prominent investors. It is among a wave of clean-energy firms poised to benefit from India’s push into the renewables market.
India, the world’s third-largest emitter of greenhouse gases, wants to raise its renewable energy capacity to 500 gigawatts (GW), or 40% of total capacity, by 2030.