(Adds more details on deal)
Feb 24 (Reuters) – India’s largest renewable energy firmReNew Power on Wednesday agreed to go public through a mergerwith blank-check firm RMG Acquisition Corporation II,in a deal that values the merged entity at roughly $8 billion.
The deal will be financed with cash proceeds of $1.2billion, including investments of $855 million from investorsincluding serial blank-check dealmaker Chamath Palihapitiya,funds managed by BlackRock and Sylebra Capital among others.
Palihapitiya also led the PIPE (private investment in publicequity) round at SoftBank-backed Berkshire Grey, which earlieron Wednesday agreed to go public through a merger with ablank-check firm.
Founded in 2011, ReNew Power counts Goldman Sachs and CanadaPension Plan Investment Board (CPPIB) among its prominentinvestors. It is among a wave of clean-energy firms poised tobenefit from India’s push into the renewables market.
India, the world’s third-largest emitter of greenhousegases, wants to raise its renewable energy capacity to 500gigawatts (GW), or 40% of total capacity, by 2030.(Reporting by Anirban Sen in Bengaluru; Editing by ShinjiniGanguli)