Betting on green

There has been a recent spurt of investor interest in India's renewables space, with the outlook for the sector, as well as for electricity demand growth, remaining strong

India’s largest clean power producer ReNew Power will soon merge with blank-check company RMG Acquisition Corp. II, then become Renew Energy Global, and trade on the Nasdaq.

The merger will extend a wave of clean-tech deals involving special purpose acquisition companies in the US, to include India’s growing renewables market. Announced last month, the deal will give Goldman Sachs-backed ReNew — which has over 5 gigawatts of commissioned capacity — an enterprise value of $8 billion. In January, Total of France said it was acquiring a 50 per cent stake in the 2.4 gigawatts operating solar portfolio owned by Adani Green