Goldman-Backed ReNew Power Agrees To Merge With RMG II SPAC (1)

ReNew Power, India’s biggest renewable power producer, has agreed to merge with blank-check company RMG Acquisition Corp. II.

The deal will give Goldman Sachs Group Inc.-backed ReNew an enterprise value of $8 billion and will close in the second quarter, according to a statement Wednesday.

An $855 million private placement to support the transaction is being raised from investors including serial dealmaker Chamath Palihapitiya, TT International Asset Management, a fund managed by BNP Paribas SA, funds and accounts managed by BlackRock Inc. and Sylebra Capital.

The merger will extend a wave of clean-tech SPAC ...