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ReNew Energy Global plc reports developments from its renewable power and decarbonization business in India, where it develops and operates wind, solar, battery energy storage, hydro power and transmission assets. News commonly covers earnings releases under IFRS, capacity commissioning, project sales, battery storage additions and updates to its solar module and solar cell manufacturing operations.
The company also announces commercial and industrial clean-power agreements through ReNew Green, equity investments in operating platforms, and customer relationships with large corporate offtakers. Its updates identify ReNew as a Nasdaq-listed issuer under the RNW common share and RNWWW warrant symbols.
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ReNew Energy Global Plc has successfully raised $400 million through its wholly-owned subsidiary Diamond II Limited by issuing senior secured green bonds. The issuance marks the reopening of India's high-yield market after over a year, with the order book oversubscribed about 4 times, attracting more than $1.5 billion in demand, resulting in a 35bps tightening of pricing. The bonds carry a coupon rate of 7.95 percent and have been rated Ba3 by Moody's and BB- by Fitch. Proceeds will refinance existing debt and support various growth initiatives. ReNew has repaid over $1 billion to offshore bondholders during FY2023 and aims to further enhance its position as a leader in the renewable energy sector.
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ReNew Energy Global Plc (Nasdaq: RNW, RNWWW) has successfully repaid over $1 billion to offshore bondholders in FY 2023, including a recent $180 million amortization. The company refinanced $525 million ahead of its March 2024 maturity and generated $300 million from internal cash flows. Most dollar bond maturities are now due in FY 2027 and beyond. Additionally, ReNew closed a $1 billion financing for its Round-the-Clock project, recognized as a top renewable deal. The strategic rebranding reflects its transition to a complete decarbonization solutions provider.
ReNew Energy Global Plc (NASDAQ: RNW, RNWWW) reported its consolidated results for Q3 FY23 and the nine months ending December 31, 2022. The company achieved a 19.4% increase in total revenue to INR 16,077 million (US$194 million) for Q3 FY23. Adjusted EBITDA rose 10.2% to INR 11,628 million (US$141 million). While net loss improved to INR 4,013 million from INR 6,384 million year-over-year, cash flow to equity decreased by 47.3% to INR 2,682 million. The year's guidance estimates Adjusted EBITDA between INR 61,000 - 63,000 million and Cash Flow to Equity of INR 15,000 - 17,000 million.
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ReNew Power has rebranded itself as ReNew, reflecting its evolution from a renewable Independent Power Producer to a comprehensive solutions provider for decarbonisation. This strategic shift aims to enhance its offerings in green hydrogen, energy storage, carbon markets, and solar manufacturing to support global Net-Zero goals. With a clean energy portfolio of approximately 13.4 GWs as of September 30, 2022, ReNew is positioned as a leader in India's energy services sector. The company leverages digital technologies to meet diverse B2B market needs, reinforcing its goal of a swift, ethical transition to clean energy.