Renew Energy Global Plc Stock Price, News & Analysis

ReNew Energy Global plc (Nasdaq: RNW, RNWWW) reported its Q4 FY22 and FY22 results, noting a 27% revenue growth to INR 69,195 million (US$ 912 million). Q4 FY22 revenue rose 31.1% to INR 17,615 million (US$ 232 million). Adjusted EBITDA for FY22 increased 31.7% to INR 55,144 million (US$ 727 million). However, the company posted a net loss of INR 16,127 million (US$ 213 million) compared to a loss of INR 8,033 million (US$ 106 million) in FY21. Cash Flow to Equity from Operating Assets was positive at INR 12,888 million (US$ 170 million) for FY22 but negative for Q4 FY22 at INR 5,016 million (US$ 66 million).

ReNew Energy Global plc (NASDAQ: RNW, RNWWW) will release its fourth quarter earnings report for FY22 on June 14, 2022, after market close. A conference call to discuss the results is scheduled for June 15, 2022, at 8:30 AM EDT. ReNew is a leading renewable energy company in India, with a portfolio of approximately 12.8 GW of renewable energy projects as of May 31, 2022. Investors can access the conference call via phone or live stream.

ReNew Power has signed definitive agreements to acquire 527.9 MW of operating wind and solar assets, boosting its portfolio to 12.8 GW from 10.2 GW. The total enterprise value of the agreements is approximately ₹30 billion (US$388 million), with expected FY23 EBITDA between ₹3.95-4.24 billion (US$51-55 million). Additionally, ReNew inked a Power Purchase Agreement with MSEDCL for a 200 MW solar project at a rate of ₹2.43/kWh over 25 years. These moves position ReNew at the forefront of India's clean energy transition amid increasing energy demands.

ReNew Power has announced the appointment of Kedar Upadhye as Group CFO, Vikash Jain as Global General Counsel, and Vikram Kapur as Chief Growth Officer. These leaders bring rich experience aimed at bolstering the company's expansion in renewable energy sectors, including green hydrogen. The total portfolio increased to approximately 12.1 GW, up nearly 20% since early 2022, driven by Power Purchase Agreements and strategic partnerships. The leadership hires are expected to support ReNew's ambitious growth plans while strengthening governance and operational efficiency.

ReNew Power has signed significant solar Power Purchase Agreements (PPAs) totaling around 2 GW, including 1.5 GW with SECI and 0.5 GW with corporate buyers. This expands the company's portfolio to approximately 12.1 GW, a notable increase from 10.2 GW earlier in the year. The utility projects are primarily located in Rajasthan, with electricity tariffs set at ₹2.18 to ₹2.37/kWh. Corporate agreements include partnerships with major firms, raising ReNew's corporate portfolio over 900 MW. The projects are expected to be operational by Q4 2023.

ReNew Power has partnered with Mitsui & Co. to develop a 400 MW Round-the-Clock (RTC) renewable energy project in India. Mitsui will acquire a 49% stake in the project, which will involve the installation of 1,300 MW of renewable energy capacity and up to 100 MWh of battery storage. The project is set to commence operations in Q3 2023 and aims to support India's goal of achieving 500 GW of non-fossil fuel-based installed capacity by 2030. The 25-year PPA signed with Solar Energy Corporation of India ensures electricity supply at ₹2.90/kWh, increasing by 3% annually for 15 years.

ReNew Power has partnered with Mitsui & Co., Ltd., with Mitsui acquiring a 49% stake in a renewable energy project in India. The project, consisting of three wind farms and a solar plus battery storage facility, will provide 400 MW of electricity to the Solar Energy Corporation of India (SECI). The commercial operations are expected to commence in Q3 2023, backed by a 25-year Power Purchase Agreement at ₹2.90/kWh. This initiative aligns with India's goal to achieve 500 GW of non-fossil fuel capacity by 2030, furthering the country's clean energy transition.

ReNew Power has partnered with Mitsui & Co., Ltd., whereby Mitsui will acquire a 49% stake in ReNew's Round-the-Clock (RTC) renewable energy project. This project, which includes three wind farms and a solar plus battery storage facility, aims to provide 400 MW of electricity to the Solar Energy Corporation of India (SECI) over 25 years at ₹2.90/kWh. Expected to commence in Q3 2023, this initiative supports India's commitment to ramping up renewable energy capacity to 500 GW by 2030.

IndianOil, L&T, and ReNew Power have signed a binding term sheet to form a joint venture to develop India's green hydrogen sector. The collaboration aims to leverage L&T's EPC expertise, IndianOil's oil refining capabilities, and ReNew's renewable energy solutions to scale up green hydrogen production. The joint ventures will focus on manufacturing electrolyzers and developing green hydrogen projects at IndianOil's refineries. This initiative aligns with the Indian government's green hydrogen policy and is poised to enhance India's energy security while contributing to carbon neutrality.