ReNew Energy Global plc reports developments for a Nasdaq-listed decarbonization solutions company and renewable power producer in India. News about RNWWW centers on clean energy capacity additions across solar, wind and battery energy storage systems, operating and financial results prepared under IFRS, and financing activity for renewable energy assets.
Recurring updates also cover ReNew Green, the company’s commercial and industrial platform for corporate renewable power customers, along with long-term offtake agreements, equity investments in that platform, and solar module and solar cell manufacturing capacity. Company announcements describe digital energy offerings, storage and carbon-market related solutions as part of ReNew’s clean energy business.
ReNew Energy Global Plc (NASDAQ: RNW, RNWWW) has successfully raised US$400 million through the issuance of senior secured dollar notes at an interest rate of 4.5%. These are certified green bonds, listed on the Singapore Exchange, with a tenor of 5.25 years. The funds will be used for refinancing existing high-cost debt and financing renewable energy projects. This marks the first High Yield issuance from the ASEAN and South Asian regions for 2022. ReNew has raised over US$3.5 billion via similar issuances, demonstrating strong investor interest.
ReNew Power has successfully commissioned its 300 MW SECI-6 solar project, marking a new milestone with a total operating capacity of 7.4 GW. This growth includes a record 1.5 GW of renewable energy projects for fiscal year 2022, positioning the company on track to reach 8.2 GW by FY22 end. Major installations occurred in Rajasthan and Gujarat, with a significant portion following Power Purchase Agreements with the Solar Energy Corporation of India. ReNew aims for 18 GW by FY25 and is actively supporting India's climate goals, including green hydrogen initiatives.
ReNew Energy Global PLC (NASDAQ: RNW, RNWWW) has achieved carbon neutral status for its operations across over 100 sites in India, verified by DNV. This marks a significant step towards its commitment to net-zero emissions established in March 2021. ReNew reported that during FY2021, it avoided more than 10 million tCO2e emissions, which vastly exceeds its scope 1 and 2 emissions. The company is recognized among the top 10 renewable power producers in the world by Sustainalytics for ESG Risk Ratings, enhancing its leadership in sustainability and commitment to transparency in environmental practices.
Larsen & Toubro (L&T) and ReNew Power have announced a strategic partnership to develop green hydrogen projects in India. This collaboration aims to harness their combined expertise to create sustainable energy solutions. Green hydrogen, produced using renewable electricity, is expected to play a critical role in transitioning to cleaner energy sources. Anticipating a significant demand in India, the partnership plans to capitalize on opportunities projected to require over $60 billion in investments by 2030. Both companies seek to position themselves as leaders in the emerging green hydrogen market.
ReNew Power has reported its Q2 FY22 and H1 FY22 financial results, showing a total income increase of 26.0% to INR 38,119 million (US $514 million). Q2 FY22 income rose 44.3% to INR 21,312 million (US $287 million). However, the company faced a net loss of INR 9,849 million (US $133 million) for H1 FY22, significantly higher than the previous year. Adjusted EBITDA for H1 FY22 grew 27.9% to INR 31,902 million (US $430 million). The company anticipates an operating capacity of 8.2 GWs by FY22 end with a projected Adjusted EBITDA of INR 60,750 million (US $810 million).
ReNew, a leading renewable energy company in India, plans to release its first half and second quarter fiscal year 2022 earnings report on November 17, 2021, after market close. A conference call to discuss the earnings results is scheduled for 8:30 a.m. ET on November 18, 2021. The company, which operates approximately 10.2 GW of renewable energy projects, focuses on utility-scale wind and solar, hydro, and distributed solar energy projects.