Goldman-backed ReNew Power to list on NASDAQ at $8 billion valuation

To partner with RMG Acquisition Corporation for private investment in public equity

Goldman Sachs promoted renewable power generation company ReNew Power will list on NASDAQ through a business combination with RMG Acquisition Corporation II (RMG II). The pro forma consolidated and fully diluted enterprise value is expected to be close to $8 billion.

In a public statement, ReNew announced execution of a definitive agreement with RMG II for a business combination that would result in ReNew becoming a publicly listed company on the NASDAQ.

“Total anticipated proceeds of $1.2 billion, comprised of $855 million, upsized, fully-committed private placement of common stock in ReNew Power (the “PIPE”) and $345 million of gross cash