ReNew Power posts improved annual results thanks to increased operating capacity

Facebook
Twitter
LinkedIn
Reddit
Email
The company said about 0.3GW of PPAs were signed in Q3 FY23. Image: ReNew Power.

Indian renewable energy independent power producer (IPP) ReNew Power has narrowed its net loss in Q3 FY23 year-on-year, while there was an increase in total income due to expanded operating capacity.

In its latest financial results announcement, the company said its net loss for Q3 FY23 was US$49 million compared to US$77 million for Q3 FY22, with the improvement mostly due to higher total income in Q3 FY23. The net loss for nine months of FY23 was US$62 million, compared to US$152 million for the same period of FY22.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

ReNew’s total revenue for Q3 was US$194 million, equivalent to an increase of 19.4% over Q3 FY22. The adjusted EBITDA for the same quarter was US$141 million, an increase of 10.2% over Q3 FY22.

For the first nine months of FY23, ReNew’s total revenue was US$768 million, an increase of 23.1% over the same period in FY22. Its adjusted EBITDA for the first nine months of FY23 was US$604 million, an increase of 17.8% over the nine months of FY22.

As of 31 December 2022, ReNew’s portfolio consisted of 13.4GW, a 30.2% increase year on year. Of the commissioned capacity of 7.8GW, 3.7GW were solar, 3.9GW were wind, and 99MW were hydro. During the nine-month period of FY23, ReNew commissioned 57MW of solar assets. In Q3 FY23, the company commissioned 32MW of solar assets.

The remaining portfolio of 5.6GW was committed capacity.

Total electricity sold for nine months of FY23 was 13.3 billion kWh, an increase of 26.5% over nine months of FY22. Total electricity sold in Q3 FY23 was 3.3 billion kWh, an increase of 13.6% over Q3 FY22. Electricity sold for nine months of FY23 from solar assets was 5.9 billion kWh, an increase of 64% over nine months of FY22, while electricity sold in Q3 FY23 from solar assets was about 2 billion kWh, an increase of 36.6% over Q3 FY22.

About 0.3GW of power purchase agreements (PPAs) were signed in Q3 FY23, and only about 1% of the total portfolio awaits PPAs or contracts.

Moreover, days sales outstanding ended Q3 FY23 at 178 days, which was a 78-day improvement year on year. ReNew said on the back of clear arrangements for future payment schedules agreed with multiple State distribution companies, DSO is “on track for a substantial improvement over the remainder of the year”.

The company added that its cash flow generated from operating activities in the nine-month period of FY23 was US$599 million, compared to US$275 million for nine months of FY22. Cash flow generated from operating activities for Q3 FY23 was US$272 million, compared to US$142 million for Q3 FY22. The increase was primarily on account of higher total income and lower working capital due to improved collections.

Read Next

June 9, 2025
Saatvik Solar, a unit of Saatvik Green Energy Limited (SGEL), is building a 4.8GW solar cell and 4GW module manufacturing facility in Ganjam district of Odisha.
June 5, 2025
Solar manufacturer Involt Energy has broken ground on its first solar cell manufacturing plant in the western Indian state of Gujarat, with an initial annual nameplate capacity of 1.78GW. 
June 5, 2025
Indian solar module manufacturer Vikram Solar has received final approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) and raise capital through the public markets.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
June 2, 2025
Arctech has partnered with ACME Cleantech Solutions to provide 175MW worth of solar trackers for an upcoming facility in Duqm, Oman.
June 2, 2025
Indonesia has ratified the PLN Electricity Supply Business Plan 2025–2034, targeting 42.6GW of renewable energy generation.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece