Ropes & Gray Represents Placement Agents on PIPE for India’s ReNew Power in Deal to Publically List Through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction

ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation (RMG II). Upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol “RNW.” The approximately $8 billion transaction is expected to close in the second quarter of 2021. The transaction was announced on February 24.

As part of the transaction, Ropes & Gray advised the placement agents on an upsized private investment in public equity (PIPE) anchored by marquee institutional investors including BlackRock, BNP Paribas Energy Transition Fund, Mr. Chamath Palihapitiya, Sylebra Capital, TT International Asset Management, TT Environmental Solutions Fund and Zimmer Partners. 

The Ropes & Gray team was led by capital markets partners Paul Tropp and Christopher Capuzzi and associate Paul Kellogg (all of New York).