ReNew Energy loss jumps on back of NASDAQ listing costs

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ReNew Power added 130MW of commissioned capacity during Q4 and finished its FY22 with a portfolio of 10.7GW of renewables assets. Image: ReNew Power.

ReNew Energy Global witnessed a 27% jump in revenue in its last financial year but saw its net loss almost double on the back of costs associated with its NASDAQ listing.

The independent power producer (IPP) ended its 2022 financial year with a net loss of US$213 million, the majority of which (US$174 million) the company associated with its listing on the NASDAQ stock exchange last August.

Revenue meanwhile jumped to US$912 million for the year, up 27% year-on-year, with adjusted earnings also rising 32% to US$232 million.

Commissioned capacity for the IPP rose by 130MW during Q4, taking ReNew’s portfolio to 10.7GW, of which 7.6GW is commissioned and the rest committed.

Since the end of the financial year the company has signed a further 1.6GW of power purchase agreements and purchased 528MW of additional renewable energy assets, bringing the portfolio to 12.8GW, of which 6.8GW is solar PV.

ReNew has published its guidance for the next fiscal year forecasting INR 66,000 – INR 69,000 million (US$844 – US$883 million) for its adjusted EBITDA.

Last month, ReNew had signed PPAs with Indian utilities and corporates for 2GW of solar PV capacity.

Earlier in April, Japanese investment firm Mitsui invested in ReNew’s ’round the clock’ project in India that is set to be operational during the third quarter of 2023.

It also formed a joint venture in April with oil refiner IndianOil and engineering company Larsen & Toubro to develop green hydrogen projects in India.

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