Indian sustainable energy developer ReNew Power announced that it would go public on the Nasdaq under the ticker symbol, RNW, on August 24, valued at USD8bn, according to The Economics Times on August 18. This was a step for ReNew to access the global market for its adaption to the US regulations. As for the listing proceeds, ReNew’s Chairman and CEO Sumant Sinha stated that the firm would use it for greenfield projects and further acquisitions to reach its target of an 18,000-megawatt (MW) energy capacity by 2025, or 18 gigawatts (GW).
The listing plan had been launched this February, where ReNew would list through a merger with RMG Acquisition Corporation II [RMGB:US], a blank-check special purpose acquisition company (SPAC). This June, the Competition Commission of India (CCI) approved the merger of the two companies. ReNew said that the merger would receive cash proceeds of USD1.2bn, with USD855m from investors like Chamath Palihapitiya, BlackRock’s [BLK:US] funds, and Sylebra Capital. In addition, Sinha indicated in February that ReNew, as an Indian company, was also considering a listing in India.
Acquisitions were also the main method for ReNew to expand its businesses in recent years. ReNew is devoted to expanding its market share from 5% to 15% through raising its renewables capacity. At present, ReNew owns a 10.4GW capacity of energy, including 5GW of clean energy. For instance, on August 11, the company bought 359MW operational solar and hydropower generation assets, worth USD384m. The assets included a 99MW hydroelectric project from L&T Power Development and a 260MW solar project in Telangana. ReNew formally entered the hydroelectric area and obtained its first hydropower generation asset through the deal.