By Colin Kellaher

Indian renewable energy producer ReNew Power Private Ltd. on Wednesday unveiled plans to go public through a combination with blank-check company RMG Acquisition Corp. II.

The companies said the deal gives ReNew a pro forma consolidated value of about $8 billion and will provide total proceeds of $1.2 billion, including $345 million held by RMG and $855 million from a fully committed private placement of common stock.

ReNew, founded in 2011, is India's biggest renewable power producer, with a portfolio of more than 100 operational utility-scale wind and solar energy projects.

ReNew's current shareholders, which include Goldman Sachs Group Inc., Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, will roll a majority of their equity into the combined company for a roughly 70% stake, ReNew and RMG said.

Investors in the private placement include funds and accounts managed by BlackRock Inc., BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd., TT Environmental Solutions Fund and Zimmer Partners.

Upon completion of the transaction, slated for the second quarter, the combined company will be named ReNew Energy Global PLC and will trade under the symbol RNW.

RMG raised $345 million in an initial public offering in December amid last year's record boom in special-purpose-acquisition companies.

Shares of RMG, which closed Tuesday at $11.18, rose more than 16% in premarket trading Wednesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

02-24-21 0733ET