IPO Edge and The Palm Beach Hedge Fund Association hosted a fireside chat with the CEO of ReNew Power Ltd. and the CEO of RMG Acquisition Corp. II (Nasdaq: RMGB) on Wednesday, August 11th at 10 a.m. ET to discuss ReNews’ market positioning, underlying fundamentals, established Indian power market goals, and the upcoming business combination with RMGB. At the live event, Sumant Sinha, CEO of ReNew Power, and Robert Mancini, CEO of RMGB, will join as well IPO Edge Editor in Chief John Jannarone. The moderated video session lasts approximately 60 minutes, including a Q&A with the audience.
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If you buy shares in RMG Acquisition Corp. at the close of business on July 20, 2021 II, you can merge with ReNew Power Private Ltd. prior to August 15, 2021 at 11:59 p.m. ET. vote. For more information on voting, see https://www.rmgacquisition.com/rmgb2-vote.
Messrs Sinha and Mancini discuss:
– Dynamics of the Indian electricity market
– Indian renewable energy targets
– ReNew market positioning as the largest producer of renewable electricity
– ReNew’s differentiated strategy for market success
– ReNews positioning as EBITDA positive with projections of over $ 1 billion in sales for 2022
– How RMG came to ReNew and what made the business combination so attractive
About the speakers:
Sumant Sinha is the founder, chairman and chief executive officer of ReNew Power – one of India’s largest clean energy companies. Sumant, a leading first generation entrepreneur, founded ReNew Power in January 2011 with a vision to transform the way energy is generated and consumed in India. Since then, the company has grown exponentially under his leadership and is now one of the leading renewable energy companies in India with a total portfolio of approximately 9.86 GW in more than 100 locations. ReNew was funded by well-known investors such as Goldman Sachs, CPPIB (largest Canadian pension fund), ADIA (Middle East sovereign wealth fund) and JERA (leading Japanese utility) and more than 6 billion in debt. ReNew has grown into one of the leading asset builders in the country over the past 5 years. It now generates one percent of all Indian electricity annually, helping to cut half a percent of Indian CO2 emissions in one year.
The story goes on
Sumant is co-chair of the Electricity Governor’s Group and a member of the Stewardship Board on Shaping the Future of Energy at the World Economic Forum. He is a member of the Board of Directors of the US India Strategic Partnership Forum (USISPF) and a member of the Board of Trustees of the Climate Change Organization and Chairman of the India Advisory Group, The Climate Group. Sumant was recognized as an SDG pioneer by the United Nations Global Compact, a first for every Indian entrepreneur for his work in the fields of energy transition and gender equality.
Sumant has received several awards for its achievements in the field of entrepreneurship and clean energy, including the award “The Entrepreneur India’s Entrepreneur of the Year 2019”. After starting his career in the Tata Administrative Service, Sumant worked as an investment banker at Citicorp and ING Barings in the US and UK before heading the finance department of one of India’s largest conglomerates, the Aditya Birla Group. He was also COO of Suzlon, India’s largest wind turbine company. Sumant holds a Masters in International Affairs from Columbia University, a degree in Business Administration from the Indian Institute of Management Calcutta, and a B. Tech from the Indian Institute of Technology Delhi.
Robert S. Mancini has been Chief Executive Officer and Director of RMG Acquisition Corp. since its inception. II. In addition, from October 2018 until the merger with Romeo Power in October 2020, he was Chief Executive Officer and Director of RMG Acquisition Corp. and is currently Chairman of the Board of Directors of Romeo Power. From June 2018 to December 2018, Mr. Mancini served as Senior Advisor at Carlyle Power Partners and from December 2012 to June 2018 was Partner and Managing Director at The Carlyle Group and head or co-head of Carlyle’s power investment business before joining Carlyle, Mr. Mancini was an employee of Goldman Sachs & Co. from June 1993 to December 2012 and a Managing Director of Goldman Sachs & Co. from November 1999 to December 2012. Mancini led or managed the on-balance sheet power asset investment business of Goldman Sach. During that time, Goldman Sachs conducted most of its power investment business through its wholly-owned subsidiary, Cogentrix Energy LLC, where Mr. Mancini served in a variety of roles including President, Co-President, and Chief Executive Officer, and a member of Die Tafel . Mr. Mancini was instrumental in founding and entering Goldman’s power investment business in 2003 and was also responsible for founding Goldman’s proprietary Commodities Principal Investment business in 2006 where he invested in companies on behalf of Goldman oversaw the processing, production and logistics for a wide range of raw materials, including base, precious and specialty metals, oil, gas, coal and other energy-related raw materials, as well as carbon offsetting and mitigation. Prior to 2003, Mr. Mancini was a member of the Legal Department where he eventually became Deputy General Counsel for the Securities Department. During his tenure at Goldman, Mr. Mancini served on several committees, including the corporate Risk Committee, Operational Risk Committee and Divisional Risk Committee, as well as several boards of directors of portfolio companies. Prior to joining Goldman, Mr. Mancini spent nine years as a private practice attorney with Debevoise and Plimpton, where he established the firm’s derivatives practice. Mr. Mancini received his JD in 1984 from New York University School of Law, where he was a member of the Law Review, and received his BA from Binghamton University in 1980.
John Jannarone, Editor-in-Chief