May 21, 2024

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Chamath Palihapitiya unveils financial commitment in ReNew Power, India’s greatest thoroughly clean energy organization which is established to go public by means of SPAC

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Chamath Palihapitiya
Chamath Palihapitiya has backed bitcoin but expressed regret at a 2014 conclusion


Billionaire investor Chamath Palihapitiya is taking part in yet another local weather-targeted investment as the SPAC growth proceeds in 2021.

Palihapitiya tweeted Wednesday early morning a just one-web page document on his expenditure thesis for ReNew Energy, an Indian renewable electricity producer that is established to merge with unique intent acquisition organization RMG Acquisition Corp.II. 

Chamath Palihapitiya is getting part in a $855 million PIPE, or non-public expenditure in general public equity, to guidance the transaction. Other buyers concerned in the PIPE contain BlackRock and BNP Paribas Power Transition Fund,  Sylebra Cash, TT Global Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Companions, in accordance to a press launch. 

The deal will close through the next quarter and give Goldman-backed ReNew Ability an business value of $8 billion. The blended entity is envisioned to be outlined on the NASDAQ beneath the new ticker symbol “RNW.”

In accordance to Palihapitiya’s investment thesis a single-pager ,ReNew Energy is the “greatest utility-scale, pure-participate in clean up vitality corporation in India.” The trader expects $300 billion to be invested in renewable clean up energy above the future ten many years in India.

Shares of RMG Acquisition Corp II climbed as significantly as 10% Wednesday early morning ahead of paring back gains. Quantity of trading in the inventory swelled to 11.6 million, in comparison to the ordinary 355,273 shares traded.

The PIPE is a person of the newest climate investments Palihapitiya has been a part of. In January, he unveiled he was supporting a PIPE in Sunlight Economic, a household photo voltaic loan enterprise. That came just a 7 days right after he introduced a PIPE in professional EV organization Proterra.&#13

He has also participated in PIPE investments for 3D-printing business DeskTop Metallic, motor vehicle coverage enterprise Metromile, and scarce earth mining company MP elements. On Wednesday, he introduced a further PIPE in robotics firm Berkshire Grey soon after his ReNew tweet. 

 

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