ReNew Power revenue jumps 27% to $912 mn

Renew Power capacity in India

ReNew Energy Global announced its consolidated results for Q4 FY22 and the fiscal year ended March 31, 2022.

ReNew Energy said in a news statement that the commissioned capacity of the company rose by 0.13 GWs during Q4 FY22. As of March 31, 2022, ReNew Energy’s portfolio consisted of 10.7 GWs of which 7.6 GWs are commissioned and 3.1 GWs are committed.

ReNew Energy entered into agreements to purchase 528 MWs of renewable energy assets and signed an additional ~1.6 GWs of PPAs bringing the company’s total portfolio to 12.8 GWs.

ReNew Energy’s total revenue for FY22, ended March 31, 2022, was $912 million, an increase of 27.0 percent from FY21. Total revenue for Q4 FY22 was $232 million, an increase of 31.1 percent over Q4 FY21.

ReNew Energy reported Adjusted EBITDA of $727 million for FY2022, an increase of 31.7 percent over FY21. Adjusted EBITDA of ReNew Energy for Q4 FY22 was $169 million, an increase of 49.4 percent over Q4 FY21.

ReNew Energy’s net loss for FY22 was $213 million compared to a net loss of $106 million for FY21. The net loss for FY22 included $174 million of charges related to listing on the Nasdaq Stock Market, issuance of share warrants, listing related share-based payments, and other factors.