Renew Energy Global Plc - RNW STOCK NEWS

ReNew Power has announced the appointment of Kedar Upadhye as Group CFO, Vikash Jain as Global General Counsel, and Vikram Kapur as Chief Growth Officer. These leaders bring rich experience aimed at bolstering the company's expansion in renewable energy sectors, including green hydrogen. The total portfolio increased to approximately 12.1 GW, up nearly 20% since early 2022, driven by Power Purchase Agreements and strategic partnerships. The leadership hires are expected to support ReNew's ambitious growth plans while strengthening governance and operational efficiency.

ReNew Power has signed significant solar Power Purchase Agreements (PPAs) totaling around 2 GW, including 1.5 GW with SECI and 0.5 GW with corporate buyers. This expands the company's portfolio to approximately 12.1 GW, a notable increase from 10.2 GW earlier in the year. The utility projects are primarily located in Rajasthan, with electricity tariffs set at ₹2.18 to ₹2.37/kWh. Corporate agreements include partnerships with major firms, raising ReNew's corporate portfolio over 900 MW. The projects are expected to be operational by Q4 2023.

ReNew Power has partnered with Mitsui & Co. to develop a 400 MW Round-the-Clock (RTC) renewable energy project in India. Mitsui will acquire a 49% stake in the project, which will involve the installation of 1,300 MW of renewable energy capacity and up to 100 MWh of battery storage. The project is set to commence operations in Q3 2023 and aims to support India's goal of achieving 500 GW of non-fossil fuel-based installed capacity by 2030. The 25-year PPA signed with Solar Energy Corporation of India ensures electricity supply at ₹2.90/kWh, increasing by 3% annually for 15 years.

ReNew Power has partnered with Mitsui & Co., Ltd., with Mitsui acquiring a 49% stake in a renewable energy project in India. The project, consisting of three wind farms and a solar plus battery storage facility, will provide 400 MW of electricity to the Solar Energy Corporation of India (SECI). The commercial operations are expected to commence in Q3 2023, backed by a 25-year Power Purchase Agreement at ₹2.90/kWh. This initiative aligns with India's goal to achieve 500 GW of non-fossil fuel capacity by 2030, furthering the country's clean energy transition.

ReNew Power has partnered with Mitsui & Co., Ltd., whereby Mitsui will acquire a 49% stake in ReNew's Round-the-Clock (RTC) renewable energy project. This project, which includes three wind farms and a solar plus battery storage facility, aims to provide 400 MW of electricity to the Solar Energy Corporation of India (SECI) over 25 years at ₹2.90/kWh. Expected to commence in Q3 2023, this initiative supports India's commitment to ramping up renewable energy capacity to 500 GW by 2030.

IndianOil, L&T, and ReNew Power have signed a binding term sheet to form a joint venture to develop India's green hydrogen sector. The collaboration aims to leverage L&T's EPC expertise, IndianOil's oil refining capabilities, and ReNew's renewable energy solutions to scale up green hydrogen production. The joint ventures will focus on manufacturing electrolyzers and developing green hydrogen projects at IndianOil's refineries. This initiative aligns with the Indian government's green hydrogen policy and is poised to enhance India's energy security while contributing to carbon neutrality.

ReNew Energy Global plc (Nasdaq: RNW) reported its Q3 FY22 results, showcasing a 25.6% increase in total income for nine months, reaching INR 51,581 million (US$ 693 million). The company added 1.1 GW of commissioned capacity in Q3 FY22. However, net loss increased to INR 12,573 million (US$ 169 million) compared to INR 4,093 million (US$ 55 million) in FY21, largely due to Nasdaq listing costs. Adjusted EBITDA rose by 27.5% to INR 42,456 million (US$ 571 million) over the same period. The company continues to expect strong future performance despite adverse weather impacts.

ReNew Energy Global plc (Nasdaq: RNW) will release its third quarter fiscal year 2022 earnings report after market close on February 24, 2022. A conference call to discuss the results is scheduled for 8:30 a.m. ET on February 25, 2022. The company, a major player in renewable energy with a total capacity of 10.2 GW, operates extensive wind and solar projects in India. Investors can access the live call by phone or through the provided online link.

ReNew Energy Global plc (NASDAQ: RNW, RNWWW) announced a $250 million share repurchase program aimed at enhancing shareholder value. Funded by proceeds from the recent sale of its solar rooftop portfolio and existing cash, the program's commencement is pending court approval. The company reported preliminary financial metrics for Q3 FY'22, highlighting total income of INR 13,608 million ($183 million) for the quarter and INR 51,727 million ($695 million) for nine months ending December 31, 2021. The Company aims for a run rate adjusted EBITDA of $825-$890 million for its operating portfolio of 7.3 GW.