Latham & Watkins Advises ReNew Power on Business Combination with RMG Acquisition Corporation II and Subsequent Listing on NASDAQ

ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II. Upon closing of the transaction, the combined company will be named ReNew Energy Global PLC and will become a publicly listed company on the NASDAQ under the symbol “RNW”. The transaction has been approved by the ReNew board of directors and the RMG II board of directors. The Pro forma consolidated & fully diluted enterprise should reach a valuation of approximately US$8 billion with the transaction is expected to close in the second quarter of 2021, subject to customary closing conditions, including approval from the Competition Commission of India and the stockholders of RMG II.

Latham & Watkins represented ReNew in the transaction with a corporate team led by Singapore partners Sharon Lau and Rajiv Gupta, Houston partner Ryan Maierson and New York partner David Allinson with New York counsel Kris Desrosiers and Singapore associates Esha Goel and Tommy Tan, Washington, D.C. associate Cierra Warren, and Hong Kong associate Zoe Wong. Advice was also provided on English law by London partners Samuel Newhouse and Christopher Horton with associates Koushik Prasad and Suneel Basson-Bhatoa; on tax matters by New York partner Jiyeon Lee-Lim and London partner Karl Mah with associates Eric Kamerman and Abi Jacobs; and on compensation and benefits by Washington, D.C. partner David Della Rocca with associate Kirk Porter.

About ReNew:

ReNew is India's leading renewable independent power producer by capacity. ReNew develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. It operates more than 110 utility scale projects spread across 8 states in India.

About Latham’s India Practice:

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practice’s 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$68 billion since 2017.