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ReNew Energy reports loss in June quarter
ReNew Power has tied up a $1 billion project finance loan from 12 international lenders led by Rabobank. The company will utilise the external commercial borrowings (ECBs) for its hybrid round-the-clock battery-enabled project.
ReNew Energy Global Plc reported a loss of ₹10.4 crore in the June quarter from a net profit of ₹42.5 crore a year earlier.
The Nasdaq-listed renewable energy company attributed the weak quarterly performance to a one-time payment for debt premium and the impact of a reclassification of a hedging loss of ₹253.1 crore ($32 million) to refinance dollar-denominated bonds with lower cost rupee debt.
“Net loss for Q1 FY23 was ₹10.4 crore ($1 million) compared to a net profit of ₹42.5 crore ($5 million) for Q1 FY22,” it said.
ReNew Energy operates in India through its unit, ReNew Power. The company’s total revenue in the quarter rose nearly 49% from a year ago to ₹2,507 crore. Adjusted Ebitda jumped nearly 50% to ₹2,015.7 crore in Q1 FY23.
In an interview in June, chairman and chief executive Sumant Sinha had said that the company continues to have a “robust growth”.
“We have given the guidance also for next year and we are talking about 20% growth rate, in the current year as well, off the back of a year in which we increased our capacity by 40%. We are still talking of an additional 20% growth on top of that. So, there is fairly robust growth that will happen in this year as well,” he had said.
As of June-end, ReNew’s portfolio comprised 12.9 GW, up 30% from a year ago, of which 7.6 GW has been commissioned and 5.3 GW is committed. At the end of the quarter, it signed an additional 0.3 GW of power purchase agreements, expanding its total portfolio to 13.2 GW.
ReNew said on Wednesday that it has tied up a $1 billion project finance loan from a dozen international lenders led by Rabobank. The company will utilize the external commercial borrowings for its hybrid round-the-clock battery-enabled project.
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First Published:19 Aug 2022, 04:15 PM IST
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