ReNew Energy targets to complete construction on 2,250 MW

ReNews Global revenue fiscal 2023

ReNew Energy Global said it expects to complete construction on between 1,750 to 2,250 MW’s by the end of fiscal year 2024.

ReNew Energy Global announced its consolidated IFRS results for Q4 FY23 and the fiscal year ended March 31, 2023.

ReNew Energy’s portfolio consisted of 13.7 GWs, a 28.2 percent increase, of which ~ 8.0 GWs are commissioned and 5.7 GWs are committed. ReNew Energy signed 101 MW of Purchase Power Agreements (PPAs) in the fourth fiscal quarter of 2023 and only ~1 percent of total portfolio have Letters of Award that await a PPA.

ReNew Energy reported revenue for Q4 FY23 of INR 25,916 million ($315 million), an increase of 47.1 percent over Q4 FY22. Adjusted EBITDA for Q4 FY23 was INR 12,010 million ($146 million), as against INR 12,787 million ($156 million) in Q4 FY22. Net profit for Q4 FY23 was INR 74 million ($1 million) compared to a net loss of INR 3,554 million ($43 million) for Q4 FY22.

ReNew Energy posted revenue for FY23 of INR 89,309 million ($1,087 million), an increase of 29.1 percent over FY22. Adjusted EBITDA for FY23 was INR 62,004 million ($754 million), an increase of 12.4 percent over FY22. Net loss for FY23 was INR 5,029 million ($61 million) compared to a net loss of INR 16,128 million ($196 million) for FY22.

On May 31 2023, ReNew entered into a partnership with PETRONAS’ clean energy subsidiary Gentari to sell 49 percent equity stake in ReNew’s 403 MW Peak Power project. As part of the partnership ReNew will invest approximately INR 3,130 million (~$38 million) for its 51 percent stake in the project and through its affiliates, will undertake EPC, O&M, and project management for the project.

The Peak Power project has a 25-year Power Purchase Agreement with Solar Energy Corporation of India, an Indian central government-owned entity with a AAA rating by ICRA, for supplying electricity at a peak tariff of INR 6.85/kWh (~USD 8.3¢) and an off-peak tariff of INR 2.88/kWh (~USD 3.5¢).