Latham & Watkins Advises ReNew Power in De-SPAC Merger With RMG Acquisition Corporation II
ReNew Power Private Limited (ReNew Power), India’s leading renewable energy IPP, and RMG Acquisition Corporation II (RMG II), a publicly-traded special purpose acquisition company, completed their previously announced business combination. Following the completion of the transaction, RMG II has become a wholly owned subsidiary of ReNew Energy Global plc, a UK incorporated company that commenced trading on the Nasdaq on August 24, 2021.
The transaction values the combined entity at US$8 billion and creates India’s largest publicly traded renewable energy company by total generation capacity.
Latham & Watkins represented ReNew Power in the transaction with a deal team lead by Singapore partners Sharon Lau and Rajiv Gupta, Houston partner Ryan Maierson, New York partner David Allinson and London partner Sam Newhouse. The team were supported by associates Esha Goel, Tommy Tan, and Ming Wei Loo in Singapore, Zoe Wong in Hong Kong, Cierra Warren and Jess Lennon in Washington, D.C., Kris Desrosiers in New York, and Warren Wellington and Koushik Prasad in London. Advice was also provided on US tax matters by New York partner Jiyeon Lee-Lim with associate Eric Kamerman; on UK tax matters by London partner Karl Mah with associate Abigail Jacobs; on benefits and compensation matters by partners David Della Rocca in Washington D.C. and Sarah Gadd in London, supported by associate Kirk Porter in Washington, D.C.; on public company representation matters by Washington D.C. partner Joseph Bargnesi with associate Jess Lennon; US corporate matters by Hong Kong partner Tracy Edmonson and UK corporate matters by London partner Chris Horton; and EU competition matters by Brussels partner Luca Crocco.
About ReNew Power
ReNew Power is India’s leading renewable energy independent power producer (IPP) by capacity and is the 10th largest global renewable IPP by operational capacity. ReNew Power develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects, and distributed solar energy projects. As of March 31st, 2021, ReNew Power had a total capacity of approximately 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew Power has a strong track record of organic and inorganic growth. ReNew Power’s current group of shareholders contain several marquee investors, including GS Wyvern (part of Goldman Sachs Asset Management), CPP Investments, Abu Dhabi Investment Authority, GEF SACEF, and JERA.
About RMG Acquisition Corporation II
RMG Acquisition Corporation II (NASDAQ: RMGB) is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses. RMG II raised US$345 million in its December 14, 2020 IPO, which was upsized due to strong demand and included the underwriters’ full over-allotment option. RMG II is sponsored and led by the management team of Jim Carpenter, Bob Mancini, and Phil Kassin, who together have over 100 years of combined principal investment, operational, transactional, and CEO and public company board level leadership experience.
About Latham’s India Practice
With over 20 years of experience advising on Indian capital markets and M&A transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$90 billion since 2018.