ReNew—one of India’s largest renewable-energy companies—will merge with blank-cheque firm RMG Acquisition Corporation II, with the combined entity listing on the Nasdaq under the ticker symbol RNW. The deal is expected to bring in US$1.2 billion in cash, including an US$855-million private placement from investors including Chamath Palihapitiya. Morgan Stanley and major ReNew investor Goldman Sachs are serving as financial advisors. (The Logic)

Talking point: RMG’s stock gained 5.49 per cent on Wednesday. The merger—which is expected to close in the second quarter of the year—adds to the onslaught of cleantech special-purpose acquisition company (or SPAC) deals hitting the public markets, as well as India’s push to grow its renewable-energy sector. The country is the world’s third-largest greenhouse-gas emitter and aims to have green sources power 40 per cent of its energy by 2030. ReNew was founded in 2011 and operates solar-energy projects for over 150 customers across India. CPP Investments invested US$144 million for a 6.3 per cent stake in the company in 2018.