LONDON, Nov. 17, 2021 /PRNewswire/ -- ReNew Energy
Global plc ("ReNew Power"), India's leading renewable energy company,
today announced its consolidated results for the Q2 FY22 and
H1 FY22.
Operating Highlights:
- As of September 30, 2021, our
portfolio consisted of 10,217 MWs of which 6,315 MW projects are
commissioned; an increase of 15.6% over September 30, 2020 and 3,902 MW are committed,
out of which power purchase agreements ("PPAs") are signed for
2,699 MWs.
- Total Income (or total revenue) for H1 FY22 was INR
38,119 million (US $ 514 million), an
increase of 26.0% over H1 FY21. Total
Income for the Q2 FY22 was INR
21,312 million (US$
287 million), an increase of 44.3% over
Q2 FY21.
- Net loss for H1 FY22 was INR 9,849 million (US$ 133 million) compared to a net loss of INR
592 million in H1 FY21. The net loss for H1 FY22 included INR
16,407 million (US$ 221 million) of
charges related to listing on Nasdaq Stock Market LLC, issuance of
share warrants, listing related share based payments and
others.
- Adjusted EBITDA(2) (Non-IFRS) for H1 FY22 was INR
31,902 million (US$ 430 million), an
increase of 27.9% over H1 FY21. Adjusted EBITDA for Q2 FY22 was INR
18,184 million (US$ 245 million), an
increase of 50.3% over Q2 FY21. Adjusted EBITDA was not adjusted
for the net negative impact of weather relative to normal of
approximately INR 2,966 million (US $40
million) H1 FY22 and approximately INR 1,632 million
(US$ 22 million) for Q2 FY22.
- Non-IFRS Cash Flow to Equity
(2) ("CFe") from Operating Assets for H1
FY22 was INR 14,264 million (US$
192 million), an increase of 84.3% over H1
FY21.
Non-IFRS Cash Flow to Equity ("CFe") from Operating Assets for the Q2
FY22 was INR 6,802 million (US$
92 million), an increase of 757.5% over Q2
FY21.
Portfolio Adjusted EBITDA Run Rate as of November 15, 2021
As of November 15, 2021, 7.0 GWs
of capacity was commissioned. The chart below provides the
Portfolio Adjusted EBITDA Run Rate which is an estimation of the
Adjusted EBITDA once capacity is operating for a full year.
|
INR
million
|
US $
million
|
Operating Capacity
(7 GWs)
|
59,700 –
64,500
|
805-870
|
Signed PPAs (2.1
GWs)
|
16,300 –
17,400
|
220-235
|
LOA received, PPA
to be signed (1.2 GWs)
|
7,500 – 8,200
|
101-111
|
Total portfolio
(10.3 GWs)
|
83,500 –
90,100
|
1,126-1,216
|
Note: Construction (including land acquisition) typically takes
approximately six to 18 months for utility-scale wind energy
projects, and four to 12 months for utility-scale solar energy
projects. PPAs are typically signed three to six months after
receipt of the LOA although there have been recent delays in
receiving PPAs principally due to COVID-19.
Guidance for FY22
Our estimate remains at 8.2 GWs of capacity operating by the end
of FY22 and Adjusted EBITDA for FY22, excluding the impact of
weather, will be approximately INR 60,750 million (or US$810 million using a foreign exchange rate of
Indian rupees into U.S. dollars of INR 75.00 to US$1.00).
Form 6-K containing financial statements and discussion of
financial results has been filed with the SEC and can be accessed
at www.sec.gov.
Webcast and Conference Call Information
A conference call has been scheduled to discuss these earnings
results at 8:30 a.m. Eastern Time on
November 18, 2021. The conference
call can be accessed live via at
https://edge.media-server.com/mmc/p/e5mfmik9 or by phone
(toll-free) by dialing US/Canada:
(855) 881 1339, UK: 0800 051 8245, India: 0008 0010 08443, SG: 800 101 2785,
Japan: 005 3116 1281 or +61 7 3145
4010 (toll). A transcript / audio replay will be available
following the call on the ReNew Investor Relations website at
https://investor.renewpower.in/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
74.16 to US$1.00, which is 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 September
30, 2021. 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) This is a non-IFRS measure. For more
information, see "About Key Performance Indicators and Non-IFRS
Measures" filed on form 6K with the SEC at www.sec.gov. IFRS refers
to International Financial Reporting Standards as issued by the
International Accounting Standards Board. In addition,
reconciliations of non-IFRS measures to IFRS financial measures,
and operating results are included on form 6-K filed with SEC at
www.sec.gov.
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; its limited operating
history, particularly as a relatively new public company; its
ability to attract and retain its relationships with third parties,
including its solar partners; our ability to meet the covenants in
its 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
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 has
received the LOA. There is no assurance that we will be able to
sign a PPA even though we have 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 Power
Unless the context otherwise requires, all references in this
press release to "we," "us," or "our" refers to ReNew Power and its
subsidiaries.
We are one of the largest renewable energy Independent Power
Producers (IPPs) in India and
globally, according to IHS Markit. We develop, build, own, and
operate utility-scale wind, solar energy projects, hydro projects
and distributed solar energy projects. As of September 30, 2021, we had a total capacity of
approximately 10.2 GW of renewable energy projects across
India including commissioned and
committed projects.
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SOURCE ReNew Energy Global PLC