ReNew Energy Global plc - RNW STOCK NEWS

Larsen & Toubro (L&T) and ReNew Power have announced a strategic partnership to develop green hydrogen projects in India. This collaboration aims to harness their combined expertise to create sustainable energy solutions. Green hydrogen, produced using renewable electricity, is expected to play a critical role in transitioning to cleaner energy sources. Anticipating a significant demand in India, the partnership plans to capitalize on opportunities projected to require over $60 billion in investments by 2030. Both companies seek to position themselves as leaders in the emerging green hydrogen market.

ReNew Power has reported its Q2 FY22 and H1 FY22 financial results, showing a total income increase of 26.0% to INR 38,119 million (US $514 million). Q2 FY22 income rose 44.3% to INR 21,312 million (US $287 million). However, the company faced a net loss of INR 9,849 million (US $133 million) for H1 FY22, significantly higher than the previous year. Adjusted EBITDA for H1 FY22 grew 27.9% to INR 31,902 million (US $430 million). The company anticipates an operating capacity of 8.2 GWs by FY22 end with a projected Adjusted EBITDA of INR 60,750 million (US $810 million).

ReNew, a leading renewable energy company in India, plans to release its first half and second quarter fiscal year 2022 earnings report on November 17, 2021, after market close. A conference call to discuss the earnings results is scheduled for 8:30 a.m. ET on November 18, 2021. The company, which operates approximately 10.2 GW of renewable energy projects, focuses on utility-scale wind and solar, hydro, and distributed solar energy projects.

ReNew (NASDAQ: RNW), India's leading renewable energy company, hosted a virtual Capital Markets Day on Oct. 12, 2021. The event featured insights from key executives on the company's outlook and growth in the Indian renewable energy market, which includes 300 GW of bid opportunities. ReNew aims for 18 GW of operational capacity by FY'25, currently reporting 6.4 GW. The company reaffirmed its weather-adjusted EBITDA guidance of US$ 810 mn for FY'22 and projected an annual EBITDA of US$ 1.1 - 1.2 bn from 10.2 GW by FY'23. Net debt for the current capacity is US$ 3.5 bn, expected to rise to US$ 5.7 bn for 10.2 GW.

ReNew Energy Global Plc. (NASDAQ: RNW) will host a virtual Capital Markets Day on October 12, 2021, from 8:30 am to 10:00 am EDT. The leadership team, including Sumant Sinha, D. Muthukumaran, and Vaishali Nigam Sinha, will present the company's strategies for value creation and growth, followed by a Q&A session. Interested individuals can join via webcast or phone. As of August 31, 2021, ReNew operates approximately 10.2 GW of renewable energy projects in India, making it one of the largest Independent Power Producers in the country.

ReNew Power has successfully commissioned 250 MW of its 300 MW solar generation project in Rajasthan, India. The project, which is part of the Interstate Transmission System (ISTS) and secured through SECI's auction, will provide clean electricity at a rate of INR 2.55/kWh. ReNew expects the remaining 50 MW to be operational soon. This initiative is projected to create around 600 direct jobs and aligns with India's goal of achieving 450 GW of renewable capacity by 2030. This marks the first project initiated after ReNew's listing on NASDAQ under the ticker RNW.

ReNew Power has successfully completed its business combination with RMG Acquisition Corporation II, receiving $610 million in net proceeds. The transaction was approved with 88% shareholder support. ReNew, now a wholly owned subsidiary, operates over 10 GW of renewable energy projects and is positioned to expand its market presence amidst India's growing demand for green energy. The company will trade on Nasdaq under the symbols RNW and RNWWW starting August 24, 2021. Management emphasizes a focus on expanding clean power and leveraging technology for growth in the renewable sector.