ReNew Power Private Limited is exploring a merger with US listed blank cheque financiers, also known as special purpose acquisition companies (SPACs), to capitalise on the growing frenzy of such vehicles flooding global markets, said people aware of the development. Preliminary discussions have been held with SPAC vehicles like RMG Acquisition Corporation II (NasdaqCM:RMGB) and Peridot Acquisition Corp. (NYSE:PDAC), they said.

These discussions are happening in parallel with the ongoing discussions with PTT Public Company Limited (SET:PTT) for a $500 million to $600 million investment. ET was the first to report about these talks in its July 29 edition last year. The discussions are still ongoing.

If it fructifies, this will be the first Indian company to tap the capital markets through the SPAC route. A merger with a SPAC will give ReNew easier access to the capital markets, help raise primary capital for the growth of the company and also offer full or partial exit to existing investors like Goldman Sachs, CPPIB, and ADIA, among others who have been seeking a “liquidity event” for a while. Mails sent to ReNew, RMG Corp.

and Peridot on January 30, 2021 did not generate any response till press time on January 31, 2021.