Latham & Watkins is advising India’s top independent renewable energy producer, ReNew Power Private Ltd., on its go-public merger with a special purpose acquisition company.
Skadden, Arps is advising the SPAC, RMG Acquisition Corporation II, on the transaction. Cleary Gottlieb said it is representing Goldman Sachs Group Inc., ReNew’s largest shareholder.
After closing, expected in the second quarter, the combined company would have an enterprise value of about $8 billion. Named ReNew Energy Global PLC, it would be listed on the Nasdaq exchange under the new ticker symbol “RNW,” according to a statement.
Goldman, other existing shareholders and management will roll most of their equity into the combined company, holding about 70% of it.
The transaction is expected to generate proceeds of around $1.2 billion, including $855 million from a private placement by institutional investors including BlackRock, BNP Paribas Energy Transition Fund, and others.
Ropes & Gray is advising private placement agents.
The company plans to use the proceeds to bolster its position in solar and wind renewable power for the Indian market and to pay down debt.
ReNew’s CEO, Sumant Sinha, said his company has helped drive rapid growth of India’s renewable energy sector for a decade.
“Over the next decade, ReNew plans to maintain its track record of market share growth, and contribution to the greening of the Indian power sector, and to help meet the Indian government’s ambitious renewable energy targets,” Sinha said.
For the deal’s Indian law aspects, Nishith Desai & Associates and Cyril Amarchand Mangladas are advising ReNew, while Khaitan & Co LLP is advising the SPAC, RMG II.