Ropes & Gray Advises Institutional Investors in PIPE as ReNew Power Completes Business Combination with RMG Acquisition Corporation II
ReNew Power Private Limited, India’s leading renewable energy provider, announced August 24, 2021 that it has completed its previously announced business combination with RMG Acquisition Corporation II. As a result, RMG II has become a wholly owned subsidiary of ReNew Energy Global plc. ReNew has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and from a private placement in public equity (PIPE), after redemptions and transaction fees. The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Mr. Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners. ReNew will use the proceeds to accelerate its growth, fund operations and pay off debt. Read the full press release here.
Co-head of Ropes & Gray’s capital markets group Paul Tropp and strategic transactions partner Chris Capuzzi served as counsel to the placement agents on the PIPE.