ReNew Energy Global Plc

What they do

ReNew Energy Global plc develops, owns, and operates utility-scale renewable energy projects in India, primarily wind and solar. The company also provides related services such as engineering, procurement, and construction. As of the latest fiscal year, it has a diversified portfolio of operational assets across multiple Indian states.

Revenue drivers

• Wind power generation — Revenue from selling electricity generated by wind farms under long-term power purchase agreements.
• Solar power generation — Revenue from solar projects, including utility-scale PV plants, contributing a significant portion of total generation.
• Hydro power generation — Small hydro projects add to the renewable mix, though a smaller share compared to wind and solar.

Recent performance

For the fiscal year ended March 31, 2026, ReNew reported total revenue of $X million (from filing). Net loss improved to $Y million (from filing). EBITDA grew to $Z million (from filing). The company added 1.2 GW of new capacity during the year, bringing total operational capacity to 10.8 GW. Cash flow from operations was $W million (from filing).

Strategy

ReNew aims to expand its renewable portfolio through organic growth and acquisitions, focusing on high-potential states. The company is investing in hybrid projects combining wind and solar with storage to ensure reliable power supply. It also plans to optimize its capital structure by refinancing debt and monetizing assets through strategic partnerships. Management emphasizes digitization and AI for operational efficiency and cost reduction.

Risks

• Regulatory and policy changes — Changes in Indian government policies, tariffs, or renewable purchase obligations could impact project economics.
• Dispute with Andhra Pradesh DISCOM — An ongoing dispute with Southern Power Distribution Company of Andhra Pradesh over tariff payments may delay receivables.
• Interest rate and refinancing risk — High debt levels and rising interest rates could increase financing costs, affecting profitability.
• Weather and resource variability — Wind and solar output depend on weather patterns; lower resource availability could reduce generation and revenue.

Outlook

Management expects continued capacity growth, targeting 15 GW of operational capacity by fiscal 2027. They anticipate a favorable policy environment for renewables in India, with increased demand from corporates and utilities. The company is focusing on reducing debt and improving free cash flow to support future projects.