Goldman Sachs-backed ReNew Power to go public in US via $8-bn SPAC deal

The deal will be financed with cash proceeds of $1.2 bn, including $855 mn in investments from serial blank-check dealmaker Chamath Palihapitiya

India's largest renewable energy firm ReNew Power said on Wednesday it would go public through an $8 billion merger with a blank-check firm in the biggest deal in the fast-growing clean energy sector in the country.

The deal will be financed with cash proceeds of $1.2 billion, including $855 million in investments from serial blank-check dealmaker Chamath Palihapitiya, funds managed by BlackRock and Sylebra Capital.

Founded in 2011, ReNew Power counts Goldman Sachs and Canada Pension Plan Investment Board (CPPIB) among its prominent investors. It owns and operates solar energy projects for more than 150 commercial and industrial customers across India.
 

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