ReNew Power will go public through an $8 billion merger with a blank-check firm in the biggest deal in the fast-growing clean energy sector in India, allowing the country’s largest renewable energy firm to grow capacity over the next few years
The deal will be financed with cash proceeds of $1.2 billion, including $855 million in investments from serial blank-check dealmaker Chamath Palihapitiya, funds managed by BlackRock and Sylebra Capital, ReNew Power said on Wednesday.
Founded in 2011, ReNew Power counts Goldman Sachs and Canada Pension Plan Investment Board among its prominent investors. It owns and operates solar energy projects for more than 150 commercial and industrial customers across India.
ReNew, which currently has a 10% market share of India’s renewable energy market, is among a wave of clean-energy firms poised to benefit from the country’s push into renewable energy.
Source: Reuters
