ReNew completes merger with Nasdaq-listed SPAC

ReNew Power Pvt Ltd, a renewable energy producer, has completed its merger with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II (RMG II). Via the transaction struck in February, ReNew has received USD 610 million in net proceeds, consisting of funds from RMG II's former trust account and from a private placement in public equity (PIPE). The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management, TT Environmental Solutions Fund and Zimmer Partners. ReNew will use the funds to accelerate growth, fund operations and pay off debt.