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ReNew Power
ReNew on Monday reported over 5 per cent decline in its net profit to Rs 467.5 crore for the September quarter. It had clocked a net profit of Rs 493.9 crore in the second quarter of FY25, the company said in a statement. "Net profit for Q2 FY26 was Rs 4,675 million (USD 53 million) compared to Rs 4,939 million (USD 56 million) for Q2 FY25," ReNew said. Its total income (or total revenue) for Q2 FY26 was Rs 3,855.7 crore (USD 434 million) compared to Rs 2,988.7 crore a year earlier. The total revenue from solar module and cell manufacturing operations stood at Rs 10,12.8 crore in Q2 FY26. The revenue from the sale of power was Rs 2,607.6 crore in the second quarter compared to Rs 2,600.8 crore in the year-ago period. Adjusted EBITDA was Rs 2,624.0 crore against Rs 24,20.9 crore. In H1 FY26, the company recorded a total income of Rs 7,971.5 crore compared to Rs 5,471.3 crore in the year-ago period. Its net profit for H1 FY26 was Rs 980.6 crore against Rs 533.3 crore a year ago.
ReNew Energy Global Plc (ReNew) has reduced rates of its solar modules and cells in line with lower GST slab taking effect from Monday. Earlier this month, the GST Council approved slashing GST rates on a number of items. The council recommended the duty on renewable energy products to be reduced to 5 per cent from 12 per cent to help the industry shift towards green power. In a statement, ReNew announced price reduction in its solar modules and cells, effective September 22. This development will translate into substantial savings for utility-scale developers, rooftop solar consumers, and farmers under flagship schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM, further democratizing access to clean energy. Sumant Sinha, Founder, Chairman and CEO of ReNew, said, "As India's largest integrated solar manufacturer, we believe this move will catalyze adoption across segments from large-scale developers to rooftop consumers and farmers." ReNew's clean energy portfolio of 18.2 G
ReNew on Tuesday said it reduced 18.6 million tonnes (MnT) of carbon emissions in FY25 by setting up clean energy capacities. Through its water saving initiatives, the company also helped in saving over 540 million litres of water, 50 per cent more than last year, ReNew said in its Second Integrated Report. "The company helped avoid over 18.6 million tonnes of carbon emissions in FY25 and is focused on meeting its SBTi (Science Based Targets initiative) validated net-zero target, a first for an Indian pure-play renewable energy company," the report said. In FY25, ReNew achieved an 18.2 per cent reduction in Scope 1 and 2 emissions from its FY22 baseline, exceeding the annual target of 12.6 per cent and maintained carbon neutrality for the fifth consecutive year. Additionally, the company has sourced 76 per cent of its electricity from renewables, well ahead of the 2025 target of 50 per cent. Sumant Sinha, Founder, Chairman and CEO, ReNew, said, "India is in the middle of a ...
Nasdaq-listed ReNew Global Energy on Friday said a group of investors and three promoters intending to take the company private have increased the offer price to buy public shares at USD 8 apiece, raising the company's valuation to USD 3.2 billion (around Rs 27,000 crore). The offer price is USD 0.93 higher than their first offer made on December 10, 2024 - an increase of 13.2 per cent, the company said in a statement. This takes ReNew's valuation to USD 3.2 billion (around Rs 27,000 crore), it added. Three promoters and a new investor, Masdar, have offered USD 8 per share for a total of USD 880 million, up from USD 7.07 per share offered earlier. The revised offer has come from a consortium of investors, comprising Abu Dhabi's Masdar, Canada Pension Plan Investment Board (CPP Investments), Abu Dhabi Investment Authority (ADIA), and ReNew's founder and CEO Sumant Sinha. The group has offered to buy all outstanding shares of the company for USD 8.00 per share in cash, with the tot
Clean energy company ReNew on Wednesday reported widening of its net loss to Rs 387.9 crore for the December quarter. It had posted a net loss of Rs 321.6 crore in the year-ago period, the Nasdaq-listed company said in a statement. However, the company's total income for the third quarter of the ongoing fiscal year rose 10 per cent to Rs 2,119.8 crore from Rs 1,929 crore a year earlier. Revenue from the sale of power during the quarter was Rs 1,499.1 crore compared to Rs 1,502.6 crore a year ago. Net profit for the first nine months of FY25 was Rs 145.4 crore compared to Rs 353.8 crore for the same period in FY24. Total income -- or total revenue -- for the first nine months of FY25 was Rs 7,591.1 crore compared to Rs 7,241.4 crore a year ago. The income includes external sales from the module and cell manufacturing operations amounting to Rs 345.9 crore. Revenue from the sale of power for the first nine months of FY25 was Rs 6,437.5 crore, compared to Rs 6,131.4 crore. "We con
ReNew Energy Global Plc (ReNew) on Monday said it has signed an agreement with Anzen to sell entire stake in its wholly owned subsidiary RSWPL at an enterprise value of USD 176 million. Under the agreement, ReNew Private will sell 100 per cent shareholding and economic interest in ReNew Sun Waves Pvt Ltd (RSWPL), which houses a 300 MW operating solar asset to Anzen India Energy Yield Plus Trust (Anzen). In a regulatory filing, ReNew said it "announces the signing of definitive agreement to sell RSWPL to Anzen. The transaction is expected to close post completion of contractual obligations and conditions precedent including receipt of lender approval". The enterprise value determined under the agreement is USD 176 million, subject to net current assets and other such adjustments as provided in the definitive documents. Additionally, USD 17 million is expected to be received as an earn-out on account of change in law proceeds pertaining to increase in basic customs duty (BCD), safegu
Jindal Saw on Tuesday said it has inked a pact to acquire 31.20 per cent equity in ReNew Green Energy. However, the company did not divulge the financial details of this equity acquisition. In a filing, Jindal Saw said, "It has entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire shareholding up to 31.20 per cent equity share capital in ReNew Green MHH One Private Limited (RGMHH), which resulted RGMHH as an associate of the company". The acquisition is with an objective to procure electricity at a concessional rate, the company said. Jindal Saw further said it aims to complete the acquisition by May 31, 2025, or any other date as may be mutually decided between the parties. It is a manufacturer and supplier of steel pipe products, fittings and accessories with manufacturing facilities in India, the US, Europe and the UAE.
As many as 14 firms, including Reliance Green Hydrogen and Green Chemicals, ReNew E-Fuels, Waaree Clean Energy Solution, and Avaada Green H2 have submitted bids under the green hydrogen transition scheme. The maximum benefits available under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Mode-1-Tranche-II) is Rs 5,400 crore. According to a statement by the bid coordinator, Solar Energy Corporation of India (SECI), the technical bids for incentives for green hydrogen production capacity of about 4,50,000 tonnes under the second tranche of the scheme was opened on Monday. The scheme provides for maximum benefit of Rs 50 per kg in the first year, Rs 40 per kg in the second year, and Rs 30 per kg in third year. Thus, the maximum benefit available under the Tranche II is about Rs 5,400 crore. Under the bucket I, the SECI received bids for 6,20,000 tones against the available capacity of 4,50,000 tonnes. Similarly, under the bucket II, bids for 6,500 tonnes we
ReNew Energy Global Plc (ReNew) on Wednesday reported a 31 per cent rise in net profit to Rs 493.9 crore (USD 59 million) in the September 2024 quarter pushed by higher income. It posted a net profit of Rs 377.1 crore (USD 45 million) in the July-September period of preceding 2023-24 fiscal, the Nasdaq-listed entity said in a statement. ReNew's total income in the second quarter also rose to Rs 2,988.7 crore (USD 357 million) from Rs 2,863.2 crore (USD 342 million) during the same period last financial year. Net profit for April-September or H1 FY25 was Rs 533.3 crore (USD 64 million), compared to Rs 675.4 crore (USD 81 million) for H1 FY24. Total income was Rs 5,471.3 crore (USD 653 million) during the period over Rs 5,329.1 crore (USD 636 million) for H1 FY24. As of September 30, 2024, the company's portfolio consisted of 15.6 GW compared to 13.8 GW as of September 30, 2023. Subsequent to the end of the quarter, the company signed PPAs (Power Purchase Agreements) for 0.7 GW of
ReNew on Tuesday announced the signing of a clean power sale contract of 437.6 megawatt (MW) with Microsoft. The contract is expected to generate over one million units of green electricity attributes annually, contributing to Microsoft's aim to become carbon negative by 2030, ReNew said in a statement. "ReNew today announced the signing of a green attribute sale contract of 437.6 MW with Microsoft," it said. ReNew will direct about USD 15 million of revenue from the contract towards a community fund to support environment-focussed initiatives. This work will be delivered in partnership with the ReNew Foundation, the philanthropic arm of ReNew, which works to create sustainable communities through climate action with a focus on women and youth and whose efforts are aligned with Microsoft's Environmental Justice priorities. Puneet Chandok, President, Microsoft India & South Asia, said, "This agreement with ReNew accelerates our progress towards these goals while benefiting local ..
Renewable energy firm ReNew Energy Global Plc has inked an initial pact with the Asian Development Bank (ADB) for a funding of USD 5.3 billion. "The MoU was signed at COP28, Dubai by ReNew's Founder, Chairman and CEO, Sumant Sinha and Suzanne Gaboury, Director General, Private Sector Operations Department, ADB," a company statement said. According to the statement, the MoU identified potential investments in renewable energy projects, manufacturing, carbon offset projects, green hydrogen, to jointly support sustainable energy transition. ReNew Energy Global Plc and ADB will also collaborate on climate change mitigation and adaptation projects, it said. The initial pact covers lending of more than USD 5.3 billion between 2023 and 2028, it informed. The MoU, a first of its kind in the Indian Renewable Energy sector, is expected to draw interest from additional international investors to participate in financing long-term debt for significant Renewable Energy infrastructure projects,
Clean energy player ReNew on Monday reported a net profit of Rs 377.1 crore during the September 2023 quarter, supported by higher income. It had clocked a Rs 98.6 crore net loss during the July-September period of the last fiscal, the company said in a statement. Its total income rose to Rs 2,863.2 crore from Rs 2,240.9 crore in the year-ago quarter. The adjusted EBITDA was Rs 2,129.8 crore against Rs 1,820.9 crore in Q2 FY23. As of September 30, 2023, the company said, its portfolio stood at 13.8 GW, including solar and wind capacities, compared to 13.4 GW a year ago.
Renew Power is targeting to invest around Rs 44,000 crore till the end of FY26 to add up to 9 gigawatt of capacity, company's chairman and CEO Sumant Sinha said on Monday. The company, which has an installed capacity of 9.5 GW, is looking to invest both in wind and solar projects going forward that will require investments at the rate of about Rs 5.5 crore per MW, he said. Sinha said the company has signed power purchase agreements for 5.5 GW of projects, which will be commissioned by the end of FY25, while in the case of another 3.5 GW, it has won bids but PPAs are yet to be signed. Stating that it takes around Rs 4 crore per MW to install solar capacity and over Rs 7 crore for wind, and assuming a mix of 40:60 between the two, the average cost per MW of new capacity comes at over Rs 5 crore per MW. At a ballpark level, we are looking to invest about Rs 44,000 crore, Sinha said, speaking after the launch of the second edition of his book 'Fossil Free'. When asked about the impact