New Delhi: ReNew Energy Global plc expects to have an operational capacity of 8.2 gigawatts (GW) by the end of fiscal 22 and an EBITDA of $ 810 million “excluding weather impact”.
EBITDA is earnings before interest, taxes, depreciation and amortization. ReNew Power is one of the first entrants to India green economy.
“Our estimate remains at 8.2 GW of operational capacity by the end of FY22 and the adjusted EBITDA for FY22, excluding the impact of weather conditions, will be around INR 60,750 million (or USD 810 million). using an Indian rupee to US dollar exchange rate of INR 75.00 to US $ 1.00), “the company said in a statement Thursday.
This is gaining in importance as climate change has impacted India’s green economy with some wind power portfolios affected due to lower wind speeds. This drop from June to September was recorded in the main windy areas of the western region states of Gujarat, Maharashtra, Madhya Pradesh, Chattisgarh and Goa; and the southern region states of Tamil Nadu, Andhra Pradesh, Kerala, Karnataka and Telangana.
âAdjusted EBITDA has not been adjusted for the net negative impact of over-normal weather conditions of approximately INR 2,966 million (US $ 40 million) in the first half of FY22 and d ‘About INR 1,632 million (US $ 22 million) for the second quarter of FY22, “the statement said.
Due to climate change, precipitation patterns and warming change, along with changes in wind patterns, resulting in variability in wind speed.
“Total revenue for the second quarter of fiscal 22 was INR 21,312 million (US $ 287 million), an increase of 44.3% over the second quarter of fiscal 21,” says the statement and adds: “Adjusted EBITDA for the second quarter of fiscal 22 was INR 18,184 million (US $ 245 million), an increase of 50.3% over the second quarter of fiscal year ‘exercise 21. “
This comes in the context of ReNew Power’s merger with Nasdaq-listed Special Purpose Acquisition Company (SPAC), RMG Acquisition Corp. II (RMG II) for an enterprise value of approximately $ 8 billion. The new entity, ReNew Energy Global Plc, was listed on the Nasdaq under the symbol “RNW” at a value of $ 4.4 billion.
âThe net loss for S1 FY22 was INR 9,849 million (USD 133 million) compared to a net loss of INR 592 million in S1 FY21. The net loss for the first half of fiscal 22 included INR 16,407 million (US $ 221 million) of charges related to the listing on Nasdaq Stock Market LLC, the issuance of stock warrants, to the listing of share-based payments and the like, âthe statement said.
ReNew Power has a total portfolio of 10.217 GW of which 6.315 GW are operational. In 2018, ReNew Power acquired 1.1 GW of wind and solar assets from Ostro Energy, one of the largest acquisitions in the Indian renewable energy space.
There is growing interest in the Indian green energy space as an increasing emphasis is placed on environmental, social and governance (ESG) investments. At the COP-26 summit in Glasgow, India announced its intention to increase power generation capacity from non-fossil fuels to 500 GW by 2030. India is managing what will become the largest clean energy program in the world, with the goal of having 175 GW of clean energy capacity by 2022.
The $ 1.2 billion equity proceeds from ReNew Power’s merger with RMG II include an $ 855 million private equity investment (PIPE). PIPE investors include BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners.
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