ReNew Power, one of India’s leading pure-play renewable energy companies, on Wednesday announced an agreement to merge with RMG Acquisition Corp. II (RMG II), which would result in the Indian firm being listed on Nasdaq.

“Upon closing of the transaction, the combined company would be named ReNew Energy Global PLC and would be publicly listed under the symbol 'RNW'. The transaction would further bolster ReNew’s leading position in solar and wind energy generation for the Indian market, by funding medium-term growth opportunities, as well as paying down debt,” the company said in a statement. The transaction is expected to close in the second quarter of 2021 and will give ReNew Power an enterprise value of approximately $8 billion, it added.

The agreement comes at a time when the Indian government has set a target of 450 GW of installed renewables capacity by 2030. A steady reduction in costs of generation, driven by technological advances and well-contested auctions can further accelerate the adoption of renewables.

“The Indian renewable energy sector has grown rapidly over the last decade,” says Sumant Sinha, founder, chairman and chief executive officer of the Goldman Sachs-backed ReNew Power. “Over the next decade, ReNew plans to maintain its track record of market share growth, and contribution to the greening of the Indian power sector, and to help meet the Indian government’s ambitious renewable energy targets. Over time, we will expand our capabilities even further, with utility-scale battery storage, and customer focussed intelligent energy solutions. ReNew’s vision is to enhance its position as a global leader in the clean energy space, to continue leading India’s ongoing clean energy transition, and to assist in deepening electrification and decarbonisation of the Indian economy,” he added.

ReNew Power’s management, and its current group of stockholders, including Goldman Sachs, the Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, JERA Co., among others—who together own 100% of ReNew Power—will be rolling a majority of their equity into the new company, and are expected to represent approximately 70% of the effective company ownership after the transaction closes.

ReNew Power’s leadership will remain intact, with Sinha as chairman and chief executive officer of the combined company, overseeing its strategic growth initiatives and expansion.

Nasdaq-listed RMG II is a blank-cheque company—which is formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganisation, or other similar business combination with one or more businesses. It raised $345 million via its initial public offer (IPO) in December last year.

“When we closed our IPO in December, we were looking to partner with a company driving change on a global scale, with a proven track record, and best-in-class management,” says Bob Mancini, chief executive officer and director of RMG II. “We found that company in ReNew, and are excited to be partnering with an incredibly talented management team, led by Sumant. Our diligence on ReNew confirmed that the company was not only the leading, but the best-positioned renewable energy firm in India. Its commitment to measured growth through long-term partnerships with Indian central and state government agencies, scale, technological innovation, and strong financial position should enable ReNew to take advantage of the incredibly positive trends in the Indian power market over the next decade and beyond,” he added.

According to ReNew’s statement, the Board of Directors of the combined company will include representation from ReNew’s existing stockholders, RMG II, and independent directors. Bob Mancini will be the appointee from RMG II to the Board. Other Board appointments will be made prior to closing.

“Since our founding partnership with Sumant Sinha, ReNew Power has exemplified our focus on supporting strong management teams and fast-growing market leaders in renewable energy,” says Michael Bruun, a Managing Director in the Asset Management Division of Goldman Sachs.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.