ReNew Power SPAC: Everything you need to know about ReNew Power

ReNew Power, one of India’s leading renewable energy companies, is going public soon via a SPAC deal with RMG Acquisition Corp II. Find out everything you need to know about the company and its $8 billion valuation.

Energy 10

ReNew Power SPAC: When will ReNew Power go public?

ReNew Power is expected to list on the Nasdaq on August 24 via a SPAC deal with RMG Acquisition Corp II. ReNew will list under the symbols 'RNW', while RMG II's stock will be de-listed.

Learn what a SPAC is and how it works

The $1.2 billion equity proceeds from the merger include a private investment in public equity (PIPE) deal of $855 million, which involves private placements of the common stocks in ReNew Power and $345 million in cash held by RMG. The net proceeds of $610 million will help ReNew Power fund future projects and help it pay down debt.

The PIPE investors include BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners.

Previously, in 2018, the company floated an initial public offering (IPO) to list on the Indian Stock Exchange but the issuance was later called off.

Discover the IPOs you can trade with City Index

How to trade ReNew Power

Once ReNew Power has listed, you can trade its shares in the same way you would any other company on the market.

In the meantime, trade stocks with City Index in just a few quick steps:

  1. Open a City Index account, or log in if you’re already a customer
  2. Search for the company you want to trade in our award-winning platform
  3. Choose your position and size, and your stop and limit levels
  4. Place the trade

How much is ReNew Power worth?

ReNew Power is predicted to have a total enterprise value of $8 billion following its SPAC merger, this makes it one of the largest SPAC offerings.

What does ReNew Power do?

ReNew Power is a renewable energy company that focuses primarily on solar and wind power; it has a total installed capacity of 5.4 gigawatts (GW), and a total asset base of over 10 GW.

It was founded in 2011 by Sumant Sinha and received institutional backing from Goldman Sachs soon after. It became the first Indian company to achieve 1 GW capacity.

How does ReNew Power make money?

ReNew Power makes money through the sale of power to state electricity boards and large industrial firms in India. It has more than 110 projects across India, where it develops, builds and operates utility-scale energy production. The company also builds manufacturing capacity for other energy firms.

Is ReNew Power profitable?

ReNew Power is expected to finish the year with an EBITDA of $578 million. According to reports in May 2021, ReNew had estimates of revenue reaching $699 million in FY2021, which would make it the largest 10th renewable energy company in the world by sales.

The company has estimated that by FY2025, it will hit an EBITDA of $1.68 billion, a growth rate of 28%.

Learn how to read a company earnings report

What is ReNew Power's business strategy?

ReNew Power has what is known as a vertically-integrated business model, in that it controls a lot of the supply chain – including suppliers, distributers and sales – meaning it can set the value.

According to the company, this model along with its ‘predictable cash flows, supported by long-term power purchase agreements, make the business among the most profitable in the sector, not only in India, but worldwide.’

India’s per capita energy consumption is expected to increase in the next decade, and most of this power is going to come from renewable sources. ReNew is primed to take advantage of this by expanding its energy portfolio to look at a mix of solar, wind, as well as hydropower and hydrogen in the coming years. It also has 4.6 GW of renewable power capacity under construction. This is part of the aim to take ReNew’s capacity from 10,400 megawatts (MW) up to its target capacity of 18,000 MW by 2025. The company plans to enter into energy storage, power transmission and the distribution space as well.

In going public, ReNew will be looking to tap into the growing demand for investment into environmental, social and corporate governance (ESG) and renewable energies. The Indian government’s ambitious target of 450 GW of installed renewables capacity by 2030 – which represents an increase of five times the current levels – could be a huge opportunity for ReNew.

Who owns ReNew Power?

ReNew Power’s existing shareholders include Goldman Sachs, Canada Pension Plan Investment Board, Japan’s JERA Co. Inc., Abu Dhabi Investment Authority, GEF SACEF India and Sumant Sinha.

Existing investors will hold a 70% stake in ReNew Energy Global PLC, PIPE and SPAC investors will hold 20% and 10%, respectively.

Board of directors of ReNew Power

The individuals sitting on ReNew Power’s board of directors are:

  • Sumant Sinha, Chairman and Managing Director
  • Michael Specht Bruun, GS Wyvern Nominee Director
  • Ram Charan, Independent Director
  • Tantra Narayan Thakur, Independent Director
  • Satoshi Yajima, JERA Power Nominee Director
  • Anuj Girotra, CPPIB Nominee Director
  • Ms. Vanitha Narayanan, Independent Director
  • Projesh Banerjea, ADIA Nominee Director

More from IPO


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.