Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q4 2024 Earnings Presentation
79 slides from Renew Energy Global's earnings presentation, Jun 6, 2024
Slide 1: Q4 FY24 results and long-term outlook
Q4 FY24 results and long-term outlook June 6, 2024 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by ReNew Energy Global, the markets in which ReNew Energy Global operates and ReNew Energy Global
Slide 3: Agenda
AGENDA 1 2 3 OUR VISION GROWTH Q4 and FY24 RESULTS OUTLOOK 4 5 6 BUSINESS FINANCE ESG and UPDATES SUSTAINABILITY 7 8 9 GUIDANCE ABOUT US ANNEXURE 3
Slide 4: Our vision
Our vision 01 4 4
Slide 5: Our purpose: to create a carbon-free world
OUR PURPOSE OUR VALUES Pioneer To create a carbon-free world Responsible by accelerating the clean energy Excellence transition Partner 5 5
Slide 6: Growth outlook
Growth outlook 02 6
Slide 7: Summary of key messages
Summary of key messages • Long term 16 – 18% annual growth, and deleveraging without issuing new shares • Growth funded through internal cash flow generation and capital recycling, no intention to issue new shares • Less leverage needed given better project cost/EBITDA for newer projects, limited ne
Slide 8: 16-18% growth p.a. in operating capacity and Adj. EBITDA
16-18% growth p.a. in operating capacity and Adj. EBITDA ~3.5x growth in operating capacity ~3.5x growth in Adj. EBITDA (in GW) (INR Bn) 25 Assets 160 Won recently, expected PPA not signed 21.4 GW to be sold 142 - 150 Total 140 CAGR ~16-18% 1.5-2.5 20 CAGR ~19% 5.8 120 CAGR ~15-16% 110 - 115 13.7 GW
Slide 9: Achieving 16-18% annual growth without issuing shares
Achieving 16-18% annual growth without issuing shares Growth trajectory for our operational projects GW Self funded growth Additional growth with capital recycling Self funding enables us to grow to ~17 GW without 3-5 19-20 7-8 16.5-17.5 selling assets 1.5-2.5 2 GW sale funds ~4 GW of new assets Rec
Slide 10: Projects operational for >1 year showcase underlying value
Projects operational for >1 year showcase underlying value 7.6 GW operational for over 1 year: GW Healthy project level returns (7.6 GW operational)* ▪ 8.0 GW operating MWs as of Mar’23 ▪ Less: 400 MW sold in FY24 INR 63.1 Bn EBITDA from 7.6 GW in FY24: ▪ Net Debt INR 335 Bn* ▪ Net Debt/EBITDA 5.3x*
Slide 11: Our growth estimates
Our growth estimates Long term annual growth rate targets: ~3.5x growth in operating MW^ ▪ Annual EBITDA growth of ~16-18% ▪ Annual CFe growth rate of ~20-25% 25 20 19.4 GW Run rate estimates for 19.4 GW operating ▪ ~25+% improvement in Net Debt to EBITDA ratio at 15 9.5 GW 11.4 - 11.9 GW consolidat
Slide 12: Focused on shareholder value creation
Focused on shareholder value creation How we create value • Capital discipline: Consistently deploying capital only where returns are above cost of capital Value creation • Profitable growth: Ensuring revenue growth outpaces > growth of costs ROCE* from assets Weighted • Differentiated platform: In-
Slide 13: Q4 and FY24 results
Q4 and FY24 results 03 13
Slide 14: Highlights: Quarter and year ended March 31, 2024
Highlights: Quarter and year ended March 31, 2024 9.5 GW operational RE assets Secured growth beyond pipeline ▪ Adj. EBITDA at high end of initial FY24 guidance range ▪ ~8.2* GW of RE capacity won by ReNew in past 12 months at ▪ INR 65.6 Bn of EBITDA for FY24, excluding gain on higher IRRs, includin
Slide 15: Business updates
Business updates 04 15
Slide 16: Business Updates: Highlights
Business Updates: Highlights RE auction activity significantly higher • Significant growth opportunity at better returns: • 62 GW of auctions in FY24, 4x increase over FY23 • 50 GW already under process for FY25 Best environment to secure good returns • Lower competition in recent auctions • Rising
Slide 17: Business updates: Auction Market
Business updates 04 Auction Market (continued) 17
Slide 18: Business updates: Auction market
Business updates: Auction market Auctions: 62 GW completed in FY24, highest ever in any fiscal year; 50 GW 4x* of new auctions in process for FY25 Firm Power Projects 23 GW of Firm Power projects auctioned in FY24, highest ever; 9.5 GW Firm Power auctions announced for FY25 25x* Subscription 44% r
Slide 19: India's electricity demand outpacing supply
India’s electricity demand outpacing supply Strong electricity demand growth in recent Trajectory of electricity demand growth in India(3) years ▪ 8-9% per annum increase in electricity demand TU 1.7 expected over next few years: 1.6 ▪ 1,626 Billion Units (“BU”) electricity demand and 243 1.6 GW pea
Slide 20: Merchant prices consistently higher than PPA prices
Merchant prices consistently higher than PPA prices Wind realized higher premium in the Merchant Merchant prices indicate an upward trend exchange ▪ Electricity demand driving higher merchant prices, in FY24: INR/kWh BU 8.00 160 ▪ Average solar merchant price was INR 3.90/kWh; 7.00 140 compared to a
Slide 21: ~62 GW of RE auctions completed in FY24; ReNew won 8+ GWs
~62 GW of RE auctions completed in FY24; ReNew won 8+ GWs RE is lowest cost capacity and fastest to build Higher number of auctions expected to continue GW 70 ▪ 62 GW completed in FY24 and 50 GW under process for Total: 62.3 FY25 60 ▪ 23 GW was Firm Power/complex; up 25x YoY 9.9 Announced/ completed
Slide 22: Lower subscription rates indicate lower competition
Lower subscription rates indicate lower competition Inability by competition to scale limiting auction Tariffs inching up as subscription rates fall subscription INR/kWh ▪ Subscription rates at lowest level in past few years: 4.0 ~70% fall in subscription rates 3.5 ▪ Solar: 1.6x in FY24 vs 3.2x in F
Slide 23: Business updates: Firm Power
Business updates Firm Power 04 (continued) 23
Slide 24: Business updates: Firm Power
Business updates: Firm Power Firm Power Projects: 6.9 GW of Firm Power projects included in our 21.4 GW pipeline; 6.9 GW 1/3rd of total pipeline Subscription rate Subscription rate in Firm Power auctions concluded in FY24 is the lowest amongst all RE segments 0.8x Higher returns Higher returns on Fi
Slide 25: Our focus on highest return opportunities
Our focus on highest return opportunities ReNew’s Focus Market Focus Not part of ReNew’s strategy Type of project Firm Power Solar and Hybrid Corporate PPAs Vanilla Wind GWs currently Utility scale 8-10 GW(1) 30-35 GW 5-6 GW(1) up for auction projects > 25 MW No. of 4–5 ~12-14 ~ 4- 5 ~6-8 competitor
Slide 26: Wind is critical for delivering Firm Power; RNW is India's largest wind IPP
Wind is critical for delivering Firm Power; RNW is India’s largest wind IPP Wind is challenging to do in India RNW added 768 MW of capacity in FY24, 24% of all India additions GW ▪ 4.7 GW portfolio operational; largest in India 17% share in capacity installations in India ▪ 2,200+ wind turbines oper
Slide 27: Lowest cost Firm Power: Wind + Solar + Storage
Lowest cost Firm Power: Wind + Solar + Storage Advantages of generation through wind Hourly LCoE* comparison of Wind+ Solar+ Battery vs PHP Wind has the best generation profile to match peak demand load as well as stable generation throughout the night: INR per kWh INR 0.20- 7.5 0.30/kWh ▪ INR 0.20-
Slide 28: Our digital capabilities: Enables Firm Power projects
Our digital capabilities: Enables Firm Power projects Digital capabilities enable us to: ▪ Maximize bid tariffs through real time simulations and automation to the bidding process ▪ Digital twins – a simulation of RE generation of future projects that helps in: ▪ Reduces costs ▪ Reduces execution ri
Slide 29: Business updates: Returns
Business updates 04 Returns (continued) 29
Slide 30: Business updates: Returns
Business updates: Returns 10+ GW Connectivity secured for our remaining pipeline Module Prices 55% Solar module prices at historic lows In 1 year Finance cost saving Lower interest costs through refinancing 60 bps 30
Slide 31: 10+ GW of future transmission access secured
10+ GW of future transmission access secured Additional capacity of over 4 GW in process Timely access to transmission ensures locking high Interconnection access a bottleneck for the returns: industry, and a significant competitive advantage for us ▪ Enables access to high PLF zones ▪ Timely land a
Slide 32: Fall in solar manufacturing prices have improved returns on projects
Fall in solar manufacturing prices have improved returns on projects Significant fall in cell prices(1) 4.7 GW of operating solar portfolio US$ /watt 0.19 ▪ 2nd largest Solar IPP in India 0.17 0.167 ▪ Spread of ~80 sites; across 8 states 0.15 0.154 0.15 ▪ Additional 4 GW included in committed 0.13 p
Slide 33: Security of supply: ReNew's solar manufacturing providing advantage
Security of supply: ReNew’s solar manufacturing providing advantage Gujarat plant ALMM implemented effective April 01, 2024 ▪ Approved list of modules and manufactures (ALMM) significantly restricts imports ▪ Limited module supply in India : ▪ ~35 GW module capacity as of FY24 ▪ Only 12 GW newer tec
Slide 34: Debt financing costs continue to improve
Debt financing costs continue to improve Significant debt availability in domestic market Limited impact of Macro headwinds Interest from DFI* continues to rise ▪ US$ 13+ Bn total debt MoU signed during FY24 % Limited impact to ReNew from ▪ US$ 1 Bn MoU signed with Société Générale in May 2024 12.0
Slide 35: Finance overview
Finance overview 05 35
Slide 36: Finance Updates: Part I
Finance Updates: Part I Operating performance of our stable state assets • 7.6 GWs of stable assets generate INR 63 Bn of EBITDA; INR 17 Bn CFe Leverage • For stable assets operational for 1 year net debt/ EBITDA is ~5.3x Value creation • Self-funded growth up to ~17 GW; 19.4 GW with asset recycling
Slide 37: Operating assets profitable
Operating assets profitable Operating projects LTM Adj. EBITDA walk to consolidated Adj. Value creation in operating portfolio EBITDA INR Bn Run Rate Adj EBITDA ▪ INR 63.1 Bn of LTM Adj. EBITDA from our 7.6 GW INR 78 Bn-80 Bn for 9.5 GW operating portfolio ▪ 8.0 GW operating portfolio as of Mar’23 ▪
Slide 38: Net Debt / Adjusted LTM EBITDA for operational portfolio is ~5.5x
Net Debt / Adjusted LTM EBITDA for operational portfolio is ~5.5x Long term run rate leverage target of under 6.0x on consolidated basis Net Debt to Adj. EBITDA for FY24 Corresponding EBITDA not ▪ 2x leverage related to capital work in reflected in the FY24 P&L progress on the balance sheet included
Slide 39: Funded for ~19 GW with asset recycling; no intention to issue shares
Funded for ~19 GW with asset recycling; no intention to issue shares Growth trajectory for our operational projects GW Self funded growth Additional growth with capital recycling Build + Sell model enables us in accelerate growth and 3-5 19-20 7-8 16.5-17.5 enhance returns without 1.5-2.5 issuing sh
Slide 40: Funding projections for 21.4 GW Capex (Gross)
Funding projections for 21.4 GW Capex (Gross) INR Bn Cash on balance sheet, INR 25-35 Asset Recycling, INR 35-45 Debt repayment, INR 155-165 Cash flow generation, INR 245-255 Cash flow from operations, before debt service Capex modelling considerations Period INR FY25 INR 70-90 bn FY26 INR 40-60 bn
Slide 41: Finance Updates: Part II
Finance Updates: Part II Profitability • INR 4.1 billion PAT for FY24; INR 69.2 Bn Adjusted EBITDA Performance vs initial FY24 guidance • Adj EBITDA at high end of range; CFe higher than guidance Value creation • INR 26 bn cash profit 41
Slide 42: Q4 and FY24 operating performance
Q4 and FY24 operating performance Key metrics (INR Bn) ▪ Total portfolio ~15.6 GW(1) ▪ ~9.5 GW operating(1) 89.3 96.5 Adj. EBITDA higher than guidance on ▪ Wind: 4.7 GW, Solar: 4.7 GW, Hydro: 99 MW account of a gain in sale on sale of 300 ▪ ~6.1 GW committed(1) 69.2 MW of assets ▪ Solar: 4.0 GW, Win
Slide 43: Improving cash profits
Improving cash profits Ability to grow profitably Cash flow generation outpacing revenue growth INR Bn During FY24, we delivered: 140 126.4 121.7 ▪ Cash from operations: 120 118.4 ▪ FY24: 80 Bn ▪ FY23: 65.6 Bn; FY22: 42.4 Bn 100 96.5 89.3 ▪ 83% increase in cash profit* over 80.8 80 FY23 to INR 26.3
Slide 44: Creating equity value through asset recycling
Creating equity value through asset recycling Enhancing returns through capital recycling Accelerating growth through asset recycling ▪ ~US$ 645 Mn equity cumulative realized through capital recycling ~2x higher EBITDA with same capital by selling assets ▪ EV/EBITDA on asset sales typically provide
Slide 45: Continued improvement in DSO
Continued improvement in DSO^ Ageing of billed receivables % share in total Days Contribution ▪ DSO(4) 77 days at Mar’24, improved by 61 days YoY Offtaker DSO receivables to DSO (2) Central Govt. , GJ(3) <4 days 0% - ▪ Working capital release of ~US$ 97 Mn in FY24 (3) RJ 29 days 0% - Corporates 30-5
Slide 46: ESG and Sustainability
ESG and Sustainability 06 46
Slide 47: Bolstering our ESG ratings and recognitions
Bolstering our ESG ratings and recognitions Sustainability @ ReNew ReNew included in the 2024 Top-Rated Received a score of 79.25/100 (increase ESG Companies List by Morningstar from score of 77 in FY21-22): Best among Sustainalytics all Electric Utilities & IPPs corporates in India for FY22-23 and
Slide 48: Transforming community through sustainability initiatives
Transforming community through sustainability initiatives Flagship programs Site specific & employee driven programs Enabling energy access to schools An initiative focusing on last mile Community Infrastructure Development electrification of schools with less than 3 A programme to understand infras
Slide 49: Guidance
Guidance 07 49
Slide 50: Our guidance
Our guidance FY25 15.6 GW contracted portfolio FY30 run rate INR 76-82 Bn INR 110-115 Bn INR 142-150 Bn FY25 EBITDA EBITDA for 15.6 GW EBITDA for 19.4 GW (including INR 1-2 Bn of gain on 1.8x increase over FY24 2.1x increase over FY24 asset sales) 1.9-2.4 GW 15.6 GW 19-20 GW Additional MWs to be ins
Slide 51: About ReNew
About ReNew 08 51
Slide 52: Our leadership
Our leadership Sumant Sinha Kailash Vaswani Balram Mehta Vaishali Nigam Sinha Founder, Chairman and CEO Chief Financial Officer Group President ReNew Services & Co-Founder & Chairperson Wind Projects Sustainability Vikram Kapur Ajay Tripathi Vikash Jain Chintan Shah Sanjay Varghese Group President C
Slide 53: Our journey of transformation
Our journey of transformation Doubled its operational Partnership with Mitsui and Gentari Shri Narendra Modi inaugurated Listed on the NASDAQ index capacity and crossed the 2 Entered the Solar PV manufacturing ReNew’s first utility-scale wind and crossed 6 GW of GW (including acquired space, plants
Slide 54: Awards
Awards • Awards WEF Lighthouse 2023 Launched by King Charles, Terra Carta recognized Recognized by MIT among 15 climate tech Recognized by the COP28 Presidency as an Energy Recognized by the World Economic Forum for ReNew for its efforts in conserving water companies to watch Transition Changemaker
Slide 55: Annexure
Annexure 09 55
Slide 56: Fast forwarding the journey to achieve our ESG goals
Fast forwarding the journey to achieve our ESG goals Our ESG targets Update for FY24 Status Emissions To be validated as carbon neutral • Verified as ‘carbon neutral’ for our operations across ~150 sites and facilities for FY23 (scope 1 & 2) annually till 2025 • Calculation and Assurance in progress
Slide 57: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 15.6 GW Technology Solar 8.7 GW Wind 6.8 GW Hydro 0.1 GW Operational Committed Operational Committed Project Stage 4.5 GW 4.0 GW 4.6 GW 2.1 GW Commissioned 0.3 GW Centre State Corporate Centre State Corporate PPA Counterparty 4.7 GW 2.4
Slide 58: Project level economics for current projects
Project level economics for current projects Solar Hybrid Project Project type 1 W Solar Project type 1 W Hybrid Capex per W (AC) INR 40-43 Capex per W INR 57-58 Revenue per W INR 6.5-6.8 Revenue per W INR 8.3-8.7 EBITDA per W* INR 5.9-6.2 EBITDA per W* INR 7.7-7.8 Interest per W INR 2.8-2.9 Interes
Slide 59: Leverage to reduce if growth slows
Leverage to reduce if growth slows 19.4 GW operational projects, net of 2 GW of asset sale LTM Adj. EBITDA INR Bn INR 138-145 Bn Net 495-505 Debt / 5.6-5.8x Run rate Adj. EBITDA* EBITDA INR 142-150 Bn Net 160-170 Debt / EBITDA (155-165) 870-890 (35-45) (75-85) 5.2-5.4x 770-780 (75-85) (90-110) (30-4
Slide 60: FY24 Adj. EBITDA to FY25 Adj. EBITDA (E) walk
FY24 Adj. EBITDA to FY25 Adj. EBITDA (E) walk All amounts are in INR Bn 9-11 (1-2) 76-82 1-2 Includes new projects + Full year revenue impact of projects completed in FY24 60
Slide 61: Finance cost walk
Finance cost walk FY23 Interest Expense vs FY24 Interest Expense All numbers in INR Bn 60 55 5.9 (5.4) (1.4) (0.9) 50 (1.6) 45 40 51.0 49.1 47.5 35 30 25 FY23 New Term Loans Lower Foreign Lower Bonds Lower Derivates Others FY24 Exchange Expenses Expense 61
Slide 62: Consolidated balance sheet summary
Consolidated balance sheet summary March 31, March 31, March 31, 2023 2024 2024 INR Mn INR Mn US$(4) Mn (Audited) (Audited) (Audited) Cash and cash equivalents, bank balances 77,021 80,615 967 (including short and long term)(1) Property, plant and equipment, net(2) 538,355 678,210 8,138 Total Assets
Slide 63: US$ 831 Mn Adj. EBITDA for FY24
US$ 831 Mn Adj. EBITDA for FY24 In Mn Adjusted FY24 YoY growth % FY24 Adjusted FY24 FY23 Adj FY23 Adjustments Comments v/s FY24 Adj (INR) (INR) (US$) (INR) (US$) (INR) (US$) Revenue from contracts with Loss of revenue of INR 581 Mn on account of 78,223 81,319 976 - - 81,319 976 4% customers sale of
Slide 64: US$ 202 Mn Adj. EBITDA for Q4 FY24
US$ 202 Mn Adj. EBITDA for Q4 FY24 In Mn Adjusted Q4 FY24 Adjusted YoY % growth Q4 FY24 Q4 FY23 Adj Q4 FY23 Adjustments Q4 FY24 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q4 FY24 Adj Revenue from contracts with Loss of revenue of INR 414 Mn on account of 23,319 18,120 217 - - 18,120 217 -
Slide 65: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation In Mn For the three months ended March 31, For the year ended March 31, 2023 2024 2024 (1) 2023 2024 2024 (1) (Audited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Profit/Loss for the period 74 609 7 (5,029) 4,147 50 Less:
Slide 66: Cash flow to equity reconciliation
Cash flow to equity reconciliation In Mn For the three months ended March 31, For the year ended March 31, 2023 2024 2024 2023 2024 2024 (Audited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Adjusted EBITDA (includes gain on sale of asset) 12,010 16,
Slide 67: Operating performance and seasonality
Operating performance and seasonality Q4 FY23 Q4 FY24 FY23 FY24 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.0 3.9 4.7 4.7 4.0 3.9 4.7 4.7 Weighted average operational 3.9 3.8 4.6 4.3 3.9 3.7 4.3 4.1 capacity(1) (GW) Plant load factor (%)(4) 21% 27% 20% 26% 27% 25% 28% 25%
Slide 68: Wind PLF performance
Wind PLF performance All India wind energy PLFs 40.0% (FY 2021 – FY 2024) Weather impact on FY 24 vs. FY 23 EBITDA 35.4% was lower by INR 2 Bn 35.0% 30.0% ReNew wind PLFs in line with all-India trends 25.6% 25.0% 41.3% 34.8% 20.0% 29.9% 36.3% 12.3% 13.8% 32.7% 15.0% 30.8% 17.0% 18.4% 20.0% 10.0% 16.
Slide 69: Updated share holders and diluted shares
Updated share holders and diluted shares Economic Shareholding (1) Total Shares Outstanding For ReNew Energy Global PLC August’21 (Listing Current Shares (Mn) date) Particulars 26.8% 35.6% 21.0% Class A Shares 244.2 Class B Shares(3) - 3.0% 53.6% 3.6% 7.4% Class C Shares 118.4 6.7% Class D Shares(3)
Slide 70: Debt profile (~90% Maturity >2 years, ~55% Fixed rate)
Debt profile (~90% Maturity >2 years, ~55% Fixed rate) By Debt Type By Source(4) By Currency Others 3% Secured Loan INR Variable from FI 57% Secured Bank Loan US Dollars 45% 35% 28% 40% (fully hedged) Senior Overseas (1) Working Capital Loan Fixed Green Bonds 5% 55% INR Bonds 27% 5% By Project Type
Slide 71: ReNew's outstanding green $ bonds
ReNew’s outstanding green $ bonds Current Outstanding Bond Issue Date Maturity Coupon Hedging Arrangement Security Structure ($ Mn) Mar 2027 Asset Backed Holdco RPVIN 27 Jan 2020 270 5.88% CCS (7NC2.5) Issuance Feb 2027 Restricted Group IGPH 27 Feb 2021 429 4.00% ATMF Call Option + CoS (6NC3) Issuan
Slide 72: Reconciliation for projects operational for more than 1 year
Reconciliation for projects operational for more than 1 year Consolidated EBTIDA walk for 7.6 GW Balance sheet walk for 7.6 GW INR Bn INR Bn EBITDA Consolidated 69.2 (refer page 65) Net Debt 567 Less: gain on sales 3.7 (refer page 65) Manufacturing Debt 15 1.9 GW EBITDA* 4.6 OCD/CCD (equity) 21 Corp
Slide 73: Project level details (as of May 31, 2024)
Project level details (as of May 31, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) 23.1MW: APPC Rate + escalation linked to State APPC tariff; 2.1MW: INR GUVNL (23.1), 23.1 MW: 25 years; Jasdan
Slide 74: Project level details (as of May 31, 2024)
Project level details (as of May 31, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro-Lahori 92.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Ostro-Amba 66.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Os
Slide 75: Project level details (as of May 31, 2024)
Project level details (as of May 31, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro - Kutch (SECI 1) 250.0 Gujarat Oct-18 3.46 PTC 25 SECI II 230.1 Gujarat Oct-19 2.64 SECI 25 GUVNL 35.0 G
Slide 76: Project level details (as of May 31, 2024)
Project level details (as of May 31, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Commissioned Projects (3,284 MW) 5.98 for year 1 with 3% escalation till year 10, 10th year tariff Cumbum 21.0 Andhra Pradesh Mar-16 APSPDCL 2
Slide 77: Project level details (as of May 31, 2024)
Project level details (as of May 31, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Committed Projects (2,787 MW) SECI IX 312.0 Rajasthan H2 FY25 2.37 SECI 25 GUVNL – XIX 400.0 Rajasthan H2 FY25 2.71 GUVNL 25 REC-DVC 200.0 Raj
Slide 78: Project level details (as of May 31, 2024)
Project level details (as of May 31, 2024) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Committed Projects (291 MW) 2.9 for year 1 with 3% escalation till year 15, from 16th to 25th year RTC-I Wind 291.1 Karnataka Q3 FY24 SECI
Slide 79: Partner with us
Partner with us as we continue to shape The Future of Energy. ©copyright: This presentation is the sole property of ReNew. Reproduction and distribution without written approval is prohibited.