Collocated solar and wind parks. Photo Credit: Istock
August 19 (Renewables Now) - Indian renewable power producer ReNew Energy Global Plc (NASDAQ:RNW) increased both its revenue and adjusted EBITDA by close to 50% year-over-year in its first fiscal quarter through June, its results showed on Thursday.
Total revenue was up 48.8% to INR 25 billion (USD 314m/EUR 308m), while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 49.7% to around INR 20.2 billion.
The company still swung to a net loss of INR 104 million from a net profit of INR 425 million a year ago, reflecting a one-time expense for debt premium and a reclassification of a hedge loss for the refinancing of USD bonds with lower-cost rupee debt.
ReNew's portfolio expanded 30.3% over the 12 months to June, reaching 12.9 GW, including 7.6 GW commissioned and 5.3 GW committed. Currently, the portfolio stands at 13.2 GW.
The company also confirmed its full-year guidance, which includes an adjusted EBITDA in the range of INR 66 billion to INR 69 billion.
According to ReNew's earnings presentations, it sees growth potential in the corporate power purchase agreement (PPA) market and the emerging green hydrogen market. The company expects 10 GW-12 GW of RTC (round-the-clock) auctions over the next few months.
ReNew this week secured a USD-1-billion (EUR 983m) loan with a group of 12 international lenders to finance a 1.3-GW battery-enabled renewables hybrid ensuring round-the-clock power supply.