18 August 2023
ReNew
Gurugram, India, ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW,
RNWWW), a leading decarbonization solutions company, today announced its
consolidated unaudited IFRS results for the three month period ended June 30,
2023.
Operating Highlights:
FY 24 Guidance
We are reiterating our FY24
guidance. The Company expects to complete construction of 1,750 to 2,250 MW’s
by the end of Fiscal Year 2024.
The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 is subject to weather being similar to FY23.
|
Financial
Year |
|
Adjusted
EBITDA |
|
Adjusted
EBITDA/share |
|
Cash
Flow to equity
(CFe) |
|
CFe/share |
|
FY24 |
|
INR 60,000 – INR 66,000
million |
|
INR 149 - INR 164 |
|
INR 6,000 – INR 8,000
million |
|
INR 15 - INR 20 |
Webcast and Conference Call Information
A conference call has been scheduled to discuss the earnings results at 8:30 AM ET (6:00 PM IST) on Aug 21, 2023. The conference call can be accessed live at https://edge.media-server.com/mmc/p/vu6jgr9e or by phone (toll-free) by dialing:
US/
Canada: (+1) 855 881 1339
France: (+33) 0800 981
498
Germany: (+49) 0800 182 7617
Hong Kong: (+852) 800 966 806
India: (+91) 0008 0010 08443
Japan: (+81) 005 3116 1281
Singapore: (+65) 800 101 2785
Sweden: (+46) 020 791 959
UK: (+44) 0800 051 8245
Rest of the world: (+61) 7 3145 4010 (toll)
An audio replay will be available following the
call on our investor relations website at
https://investor.renew.com/news-events/events
Notes:
(1) This
press release contains translations of certain Indian rupee amounts into U.S.
dollars at specified rates solely for the convenience of the reader. Unless
otherwise stated, the translation of Indian rupees into U.S. dollars has been
made at INR 82.19 to US$ 1.00, which was the noon buying rate in New York City
for cable transfer in non-U.S. currencies as certified for customs purposes by
the Federal Reserve Bank of New York on March 31, 2023. We make no
representation that the Indian rupee or U.S. dollar amounts referred to in this
press release could have been converted into U.S. dollars or Indian rupees, as
the case may be, at any particular rate or at all.
(2)
The
financial statements in this press release are not the Company’s statutory
accounts as defined in section 434 of the UK Companies Act 2006. Statutory
accounts for the Company’s financial year ended March 31, 2023 have not yet
been delivered to the Registrar of Companies for England and Wales. Statutory
accounts for the Company’s financial year ended March 31, 2022 have been
delivered to the Registrar in accordance with section 441 of the Companies Act
2006 and an auditor’s report has been made on them and was unqualified, did not
include any reference to any matters to which the auditor drew attention by way
of emphasis without qualifying the report, and contained no statement under
section 498(2) or (3) of the Companies Act 2006.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended and
the Private Securities Litigation Reform Act of 1995, including statements
regarding our future financial and operating guidance, operational and
financial results such as estimates of nominal contracted payments remaining
and portfolio run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause our results to
differ materially from those expressed
or implied by such forward-looking statements include: the availability of
additional financing on acceptable terms; changes in the commercial and retail
prices of traditional utility generated electricity; changes in tariffs at
which long-term PPAs are entered into; changes in policies and regulations
including net metering and interconnection limits or caps; the availability of
rebates, tax credits and other incentives; the availability of solar panels and
other raw materials; our limited operating history, particularly as a
relatively new public company; our ability to attract and retain relationships
with third parties, including solar partners; our ability to meet the covenants
in our debt facilities; meteorological
conditions; issues related to the COVID-19 pandemic; supply disruptions; solar power curtailments by state electricity authorities and such other risks identified in the registration statements and reports that our Company has filed or furnished with the U.S. Securities and Exchange Commission, or SEC, from time to time. Portfolio represents the aggregate megawatts capacity of solar power plants pursuant to PPAs, signed or allotted or where we have received a letter of award. There is no assurance that we will be able to sign a PPA even though we have received a letter of award. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
About ReNew
Unless the context otherwise requires, all references in this press release to “we,” “us,” or “our” refers to ReNew and its subsidiaries.
ReNew is India’s leading decarbonisation solutions company listed
on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of
approximately 13.7GW on a gross basis as of March 31, 2023, is one of the
largest globally. In addition to being a major independent power producer in
India, ReNew provides end-to-end solutions in a just and inclusive manner in
the areas of clean energy, value-added energy offerings through digitalisation,
storage, and carbon markets that increasingly are integral to addressing
climate change. For more information, visit renew.com and follow us on
LinkedIn, Facebook, Twitter and Instagram.
Press Enquiries
ReNew | Shilpa Narani | shilpa.narani@renew.com
Investor Enquiries
ReNew | Nathan Judge, Nitin Vaid | ir@renew.com
