ReNew Power went public through a merger with RMG Acquisition in an $8bn deal.

ReNew Power, a pure-play renewable energy producer, went public through a merger with RMG Acquisition, a blank check company, in an $8bn deal. Goldman Sachs, CPPIB, ADIA and JERA, who together owned 100% of ReNew, rolled a majority of their equity into the new company. “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. Over time, we will expand our capabilities even further, with utility-scale battery storage, and customer focused intelligent energy solutions. ReNew’s vision is to enhance its position as a global leader in the clean energy space, to continue leading India’s ongoing clean energy transition, and to assist in deepening electrification and decarbonization of the Indian economy,” Sumant Sinha, Founder, ReNew Chairman & CEO. On August 17, 2021, RMG announced its stockholders approved the deal.