IPO Edge and The Palm Beach Hedge Fund Association hosted t a fireside chat with the CEO of ReNew Power Ltd. and the CEO of RMG Acquisition Corp. II (Nasdaq: RMGB) on Wednesday, Aug. 11 at 10am ET to discuss ReNew’s market positioning, underlying fundamentals, established goals of the Indian power market and the pending business combination with RMGB. The live event features ReNew Power CEO Sumant Sinha and RMGB CEO Robert Mancini, joined by IPO Edge Editor-in-Chief John Jannarone. The moderated video session runs approximately 60 minutes including a Q&A with the audience.
If you owned RMG Acquisition Corp. II shares as of the close of business on July 20, 2021, you can vote before 11:59 p.m. ET on Aug. 15, 2021 on the business combination with ReNew Power Private Ltd. More information on how to vote can be found at https://www.rmgacquisition.com/rmgb2-vote.
Messrs. Sinha and Mancini discuss:
– Dynamics of the Indian power market
– Indian renewable power goals
– ReNew’s market positioning as the largest generator of renewable power
– ReNew’s differentiated strategy for success in the market
– ReNew’s positioning as EBITDA-positive with projections of $1B+ in revenue for 2022
– How RMG found ReNew and what made the business combination so appealing
About the Speakers:
Sumant Sinha is the Founder, Chairman and Chief Executive Officer of ReNew Power – one of India’s largest clean energy companies. A leading first-generation entrepreneur, Sumant founded ReNew Power in January 2011, with a vision to transform the way energy is produced and consumed in India. Since then, under his leadership, the company has grown exponentially and is today one of India’s premier renewable energy companies with an aggregate portfolio of approximately 9.86 GW spread over more than 100 sites. ReNew has been funded by marquee investors including Goldman Sachs, CPPIB (largest Canadian pension fund), ADIA (sovereign wealth fund in Middle East) and JERA (leading Japanese utility), and has raised more than USD 6 billion of capital, both equity and debt. ReNew has emerged as one of the leading asset creators in the country over the last 5 years. It now generates one per cent of India’s total electricity annually, and in doing so helps mitigate half a per cent of India’s carbon emissions in a year.
Sumant is Co-Chair, Electricity Governor’s Group and member of the Stewardship Board on Shaping the Future of Energy at the World Economic Forum. He serves on the Board of Directors of the US India Strategic Partnership Forum (USISPF) and is a Member of the Board of Trustees, for The Climate Change Organization and Chair, India Advisory Group, The Climate Group. Sumant has been recognized as an SDG Pioneer by the United Nations Global Compact, a first for any Indian business leader, for his work in the areas of energy transition and gender equality.
For his achievements in entrepreneurship and clean energy, Sumant has won several awards including, The Entrepreneur India’s Entrepreneur of the Year award, 2019. After starting his career in the Tata Administrative Service, Sumant worked as an investment banker with Citicorp and ING Barings in the US and UK, before heading finance in one of India’s largest conglomerates, the Aditya Birla Group. He was also COO of Suzlon, India’s largest wind turbine company. Sumant has a Master’s degree in International Affairs from Columbia University, a degree in business management from the Indian Institute of Management Calcutta and also a B. Tech from the Indian Institute of Technology Delhi.
Robert S. Mancini has been RMG Acquisition Corp. II’s Chief Executive Officer and a director since inception. He has also served as the chief executive officer and a director of RMG Acquisition Corp. from October 2018 through its business combination with Romeo Power in October 2020, and currently serves as Chairman of the Board of Romeo Power. From June 2018 to December 2018, Mr. Mancini served as a Senior Advisor to Carlyle Power Partners and was a Partner and a Managing Director with The Carlyle Group and head or co-head of Carlyle’s power investment business from December 2012 until June 2018. Prior to joining Carlyle, from June 1993 to December 2012, Mr. Mancini was an employee of Goldman Sachs & Co., and from November 1999 through December 2012 was a Managing Director at Goldman Sachs & Co. From December 2003 to December 2012, Mr. Mancini led or co-led Goldman Sach’s on-balance sheet power asset investment business. During that period Goldman Sachs conducted most of its power asset investment business through its wholly owned subsidiary, Cogentrix Energy LLC, where Mr. Mancini served in various capacities, including as the President, co-President and Chief Executive Officer and serving as a member of the Board. Mr. Mancini was instrumental in the formation of and Goldman’s entry into the power asset investment business in 2003 and he was also responsible for the creation of Goldman’s proprietary Commodities Principal Investment business in 2006, where he led investments on Goldman’s behalf in companies involved in the processing, production and logistics for a broad range of commodities including base, precious and specialty metals, oil, gas, coal and other energy related raw materials, as well as CO2 offsets and mitigation. Prior to 2003, Mr. Mancini was a member of the legal department where he eventually became the Deputy General Counsel of the Securities Division. During his tenure at Goldman, Mr. Mancini sat on several committees including the firm-wide Risk Committee, Operational Risk Committee, and Divisional Risk Committee, as well as several portfolio company boards. Prior to joining Goldman, Mr. Mancini spent nine years in private practice as a lawyer with Debevoise and Plimpton, where he established that firm’s derivatives practice. Mr. Mancini received his J.D. from New York University School of Law in 1984, where he was a member of Law Review, and received his B.A. degree from Binghamton University in 1980.
John Jannarone, Editor-in-Chief