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Bond Market News
ReNew Power Plans $8bn Deal to List on Nasdaq via a SPAC
February 25, 2021
India’s ReNew Power, one of the largest renewable energy groups in the nation plans to list publicly on Nasdaq through an $8bn deal with Special Purpose Acquisition Company (SPAC) RMG Acquisition Corporation II, led by ex-Carlyle exec Robert Mancini. ReNew Power has wind and solar operations across 80 Indian cities. FT notes that RMG’s decision to buy ReNew Power signals that US SPAC’s are now hunting overseas for targets. Sumant Sinha, CEO of ReNew said, “We were approached and when we looked at it, it seemed to make a lot of sense, the process went very fast.” SPACs became popular last year as a quick way to go public raising over $80bn in 2020. ReNew Power recently raised $460mn via a 6NC3 bond at 4% via a green amortizing bond. The 4% 2027s issued by India Green Power Holdings were trading flat at 102.49, yielding 3.53%.
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