– ReNew Announces Results for the Second Quarter of Fiscal Year 2023, Ended September 30, 2022
GURUGRAM, India, Nov. 15, 2022 /PRNewswire/ — ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW) (Nasdaq: RNWWW), India’s leading renewable energy company in terms of of total contracted capacity, today announced its consolidated results for the second quarter of fiscal year 23 ended September 30, 2022.
Sumant Sinha, Chairman and CEO of ReNew, explained: “ReNew continues to lead the energy transition in India and during the quarter we signed 1 GW of power purchase agreements as a preferred partner for carbon mitigation solutions. We have increased our investments in capacity and our technology and analytics capabilities through the acquisition of 3E, a leading SaaS solutions company in renewable energy and a new partnership with Norfund and KLP.The company’s core operations continue to run as expected this year and our continued access Affordable capital is allowing the company to capitalize on significant growth opportunities.”
Outstanding operational information:
Guidance for FY23
The company’s FY23 adjusted EBITDA and cash flow to equity guidance is subject to normal weather for the remainder of the year and the completion of the 528 MW acquisition currently in process.
Form 6-K containing the financial statements and discussion of financial results has been filed with the SEC and can be accessed at www.sec.gov
Information about webcasts and conference calls
A conference call to discuss earnings results is scheduled for 8:30 a.m. m. ET (7:00 PM IST) on November 16, 2022. The live conference call can be accessed via link or by phone (toll-free) by dialing:
United States/ Canada: ( 1) 855 881 1339 United Kingdom: ( 44) 0800 051 8245 Sweden: ( 46) 020 791 959 India: ( 91) 0008 0010 08443 Singapore: ( 65) 800 101 2785 Hong Kong: ( 852 96) 800 81) 005 3116 1281 Rest of the world: ( 61) 7 3145 4010 (paid)
An audio replay will be available after the call on our investor relations website at link.
Notes:(1) This press release contains translations of certain amounts from Indian Rupees to US Dollars at specific rates solely for the convenience of the reader. Unless otherwise noted, conversion from Indian rupees to US dollars has been made at 81.37 rupees per US dollar 1.00, which was the noon buying rate in New York City for wire transfers in non-US currencies, as certified for customs purposes by the Federal Reserve. Bank of New York on September 30, 2022. We do not warrant that Indian rupee or US dollar amounts referenced in this press release have been converted into US dollars or Indian rupee, as the case may be, at any exchange rate or at all.
(2) This is a non-IFRS measure. We provide additional descriptions of these non-IFRS measures and reconciliations of these non-IFRS measures to the corresponding more closely related IFRS measures on Forms 6-F and 20-F filed with the Securities and Exchange Commission (the “SEC”) on November 15. of 2022 and July 25, 2022.
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 about our future financial and operating guidance, results operational and financial, such as estimates of the remaining nominal payments contracted and the rate of execution of the portfolio, and the assumptions related to the calculation of the above metrics. 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 commercial and retail prices for electricity generated by traditional utilities; changes in the rates at which long-term PPAs are entered into; changes in policies and regulations, including interconnection and net metering limits or caps; the availability of discounts, 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 maintain relationships with third parties, including solar partners; our ability to honor the covenants in our lines of credit; meteorological conditions; issues related to the COVID-19 pandemic; supply interruptions; solar power reductions by state electric authorities and other risks identified in registration statements and reports our Company has filed or provided to the United States Securities and Exchange Commission, or SEC, from time to time. The portfolio represents the aggregate megawatt capacity of solar power plants pursuant to PPAs, signed or assigned or where we have received an award letter. There is no guarantee that we will be able to sign a PPA even if we have received an award letter. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not undertake any obligation to update these forward-looking statements.
About ReNew
ReNew is one of the largest independent renewable energy power producers in India and the world. ReNew develops, builds, owns and operates large-scale wind and solar power projects, hydroelectric projects and distributed solar power projects. As of September 30, 2022, ReNew had a total gross pipeline of ~13.4 GW of renewable energy projects in India, including commissioned and committed projects. For more information, visit www.renewpower.in and follow us on Linked In, Facebook, Twitter and Instagram.
Consultas de prensaShilpa Narani shilpa.narani@renewpower.in 91 9999384233
Investor InquiriesNathan JudgeSubhadip MitraAnunay Shahiir@renewpower.in
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