India's largest renewable energy producer is now a $4.5 billion company listed on Nasdaq

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India's largest renewable energy producer is now a $4.5 billion company listed on Nasdaq
BCCL
  • ReNew Power, India’s largest renewable energy company, got listed on the Nasdaq in the US on Tuesday.
  • The company got listed through a special purpose acquisition company (SPAC) route and hit $4.5 billion in market capitalisation.
  • The renewable energy producer has merged with Nasdaq-listed RMG Acquisition Corp II for the listing.
Indian renewable energy company ReNew Power made it to the US exchange Nasdaq on Tuesday through a special purpose acquisition company (SPAC) route by merging with Nasdaq-listed RMG Acquisition Corp II.

ReNew Power is among the country’s leading solar and wind energy producers.

“The listing opens much wider opportunities for us to help not only India, but the world to accelerate the clean energy transition for a fossil free tomorrow,” said Ajay Tripathi, chief human resource officer of the company on Twitter.

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The company reportedly said that it is fully-funded at this point in time to get to 18.5 gigawatts of fully-owned capacity by 2025.

"We took the decision late last year and at that time SPAC seemed the best decision for us. It gives us access into a very deep and liquid pool of global investors -- both emerging markets as well as ESG investors -- which we think is very important for us to tap into and access for future and long-term growth in our sector," said Sumant Sinha, chairman and managing director of ReNew Power in a CNBC-TV18 interview. Sinha said the company is primarily focused on the Indian market at this time.

Reportedly, around $700 million of gross proceeds from the listing will accrue to the company, which will be used to set up new power production facilities.

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ReNew’s current commissioned capacity as of March 31, 2021 represents about 1.4% of India’s total installed capacity and avoids 0.5% of India’s carbon emissions annually.

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