Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q1 FY25 Earnings Presentation
37 slides from Renew Energy Global's earnings presentation, Aug 16, 2024
Slide 1: Q1 FY25 Results
Q1 FY25 Results August 16, 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 Q1 FY25 BUSINESS FINANCE HIGHLIGHTS UPDATES 4 5 6 ESG AND GUIDANCE ANNEXURE SUSTAINABILITY 3
Slide 4: Q1 FY25 Highlights
Q1 FY25 Highlights 01 4
Slide 5: Highlights for Q1 FY25
Highlights for Q1 FY25 Execution on Track • 2 GWs commissioned over the last 12 months, 24% higher operating MWs* • 400 MW SECI Solar Project commissioned in July 2024 • On track to commission 1.9 – 2.4 GWs in FY25 Finance and ESG • Reaffirm FY25 and long-term guidance • Adj EBITDA of INR 19.0 bn (U
Slide 6: Business updates
Business updates 02 6
Slide 7: 2x capacity growth in next 5 years
2x capacity growth in next 5 years Current scale of operations enable us to construct over 2 GW+ of RE assets per annum Less than 5 years to reach (in GW) next ~10 GW 25 Assets 12 years to reach 21.4 GW 21.4 GW expected ~10 GW 1.5-2.5 to be sold 20 5.8 15 13.7 GW 0.4 6.1 3.9 10 19.4 5 9.5 9.5 0.03 G
Slide 8: Operating portfolio at 10 GW; project execution on track
Operating portfolio at 10 GW; project execution on track 24% increase in operating MWs^ U/C* projects: Steady progress Self-supply of modules secured • ~2 GW commissioned over the last 12 • RTC • Jaipur, Rajasthan: 4 GW module months • Wind: 291 MW commissioned; facility ~250 MW erected • Supplied ~
Slide 9: Finance overview
Finance overview 03 9
Slide 10: Operating performance: Q1 FY25
Operating performance: Q1 FY25 • Total portfolio ~15.6 GW Key metrics (INR Bn) Q1 FY25 Adj. EBITDA lower by INR 1.3 • ~10.0 GW operating bn due to lower wind PLF; Wind has • Wind: 4.8 GW, Solar: 5.1 GW, Hydro: 99 MW recovered in Q2 FY25 • ~5.6 GW committed 24.7 24.8 24.9 22.8 • Solar: 3.5 GW, Wind:
Slide 11: 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 Q1 FY25 Net Debt to TTM Adj. EBITDA Corresponding EBITDA not • 2.1x leverage related to capital work reflected in the P&L in progress on the balance sheet included i
Slide 12: ESG and Sustainability
ESG and Sustainability 04 12
Slide 13: Key highlights: Governance, Environment
Key highlights Release of Our First Integrated Report • Environment Theme 16 million tCO2e of GHG emissions avoided (15% YoY increase) Innovating Clean Energy Solutions • 358,746 m3 of water saved (13% YoY increase) Sustainably, Equitably, Responsibly • Sourced 41% of electricity from clean sources
Slide 14: Summary of Integrated Report FY 2023-24
Summary of Integrated Report FY 2023-24 Key Features Details Value Creation Framework Highlights a comprehensive value creation model as per the <IR> framework. The value creation model impactfully showcases the inputs, business model, outputs, and outcomes(capital-wise). It further expands to discl
Slide 15: Firsts for ReNew
Firsts for ReNew Double Materiality Assessment and EU taxonomy alignment • In our effort to identify environmentally sustainable economic • Double Materiality is a two-pillar system with a core set of shared activities, and to support sustainable investment, we, at ReNew, disclosures that places eac
Slide 16: Influencing Communities With Sustainability Initiatives
Influencing Communities With Sustainability Initiatives Over 1.4 million lives impacted till 31st March 2024 Flagship Programs Site Specific & Employee Driven Programs Lighting Lives Water security An initiative focusing on last mile A Community-Corporate (CC) based partnership to address the need e
Slide 17: Guidance
Guidance 05 17
Slide 18: Reiterate annual and long-term guidance
Reiterate annual and long-term 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 19.4 GW 1.8x increase over FY24 2.1x increase over FY24 (including INR 1-2 Bn of gain on asset sales) 1.9-2.4 GW 15.6 GW 19-20 GW Additional MWs t
Slide 19: Annexure
Annexure 06 19
Slide 20: Progress on our ESG Targets
Progress on our ESG Targets 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 FY24 (scope 1 & 2) annually till 2025 (4 times in a row) Calculation of Scope 1, 2 and 3 GHG • Assuran
Slide 21: Counterparty overview and asset breakdown
Counterparty overview and asset bbreakdown Total Portfolio Total 15.6 GW Technology Solar 8.7 GW Wind 6.8 GW Hydro 0.1 GW Commissioned Committed Commissioned Committed Project Stage 5.0 GW 3.6 GW 4.6 GW 2.1 GW Commissioned 0.3 GW Centre State Corporate Centre State Corporate PPA Counterparty 4.7 GW
Slide 22: US$ 228 Mn Adj. EBITDA for Q1 FY25
US$ 228 Mn Adj. EBITDA for Q1 FY25 In Mn Adjusted Q1 FY25 Adjusted YoY % growth Q1 FY25 Q1 FY24 Adj Q1 FY24 Adjustments Q1 FY25 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q1 FY25 Adj Revenue from contracts with Increased capacity offset by loss of revenue 21,250 22,811 274 - - 22,811 274
Slide 23: Continued improvement in DSO
Continued improvement in DSO^ Ageing of billed receivables Offtaker DSO % share in total Days Contribution DSO(4) 83 days at Jun’24, improved by 31 days YoY receivables to DSO (2) Central Govt. , GJ(3) 0-3 days 1% 1 DSO reduction since Q1 FY23 Corporates 30-50 days 6% 5 (3) MH, RJ, TG 30-90 days 15%
Slide 24: Operating performance and seasonality
Operating performance and seasonality FY23 FY24 Q1 FY24 Q1 FY25 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.0 3.9 4.7 4.7 4.2 4.1 4.8 4.7 Weighted average operational 3.9 3.7 4.3 4.1 4.0 4.0 4.8 4.7 capacity(1) (GW) Plant load factor (%)(4) 27% 25% 28% 25% 31% 28% 29% 27%
Slide 25: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, June 30, June 30, 2024 2024 2024 INR Mn INR Mn US$(4) Mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances 80,615 76,617 919 (including short and long term)(1) Property, plant and equipment, net(2) 678,210 702,22
Slide 26: Cash flow to equity reconciliation
Cash flow to equity reconciliation In Mn For the three months ended June 30, 2023 2024 2024 (Audited) (Unaudited) (Unaudited) (INR) (INR) (US$) Adjusted EBITDA (includes gain on sale of asset) 18,599 18,979 228 Add: Finance income and fair value change in 1,521 1,154 14 derivative instruments Less:
Slide 27: Wind PLF performance
Wind PLF performance All India wind energy PLFs 40.0% (FY 2022 – FY 2025) Weather impact on Q1 FY25 Adj. EBITDA was INR 1.3 Bn 35.0% 30.0% ReNew wind PLFs in line with all-India trends 25.0% 41.3% 23.0% 34.8% 20.0% 30.8% 29.9% 36.3% 32.7% 15.0% 28.40% 17.0% 18.4% 20.0% 10.0% 16.7% 14.7% 18.3% 5.0% Q
Slide 28: Updated share holders and diluted shares
Updated share holders and diluted shares Economic Shareholding (1) Total Shares Outstanding For ReNew Energy Global PLC August’21 (Listing date) Current Shares (Mn) Particulars 26.7% 35.6% 20.9% Class A Shares 244.2 Class B Shares(3) - 3.0% 53.6% 3.6% 7.4% Class C Shares 118.4 6.7% Class D Shares(3)
Slide 29: Debt profile (~90% Maturity >2 years, ~55% Fixed rate)
Debt profile (~90% Maturity >2 years, ~55% Fixed rate) By Debt Type By Source(4) By Currency Others 3% Secured Loan INR Variable from FI 59% US Dollars 45% Secured Bank Loan 35% 38% (fully 28% hedged) Senior Overseas (1) Working Capital Loan Fixed Green Bonds 6% 55% INR Bonds 26% 5% By Project Type
Slide 30: ReNew's Outstanding Green Dollar Bonds
ReNew’s Outstanding Green Dollar Bonds Current Outstanding Bond Issue Date Maturity Coupon Hedging Arrangement Security Structure ($ 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) I
Slide 31: Project level details (as of Aug 15, 2024)
Project level details (as of Aug 15, 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 32: Project level details (as of Aug 15, 2024)
Project level details (as of Aug 15, 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 33: Project level details (as of Aug 15, 2024)
Project level details (as of Aug 15, 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 34: Project level details (as of Aug 15, 2024)
Project level details (as of Aug 15, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Commissioned Projects (3,696 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 35: Project level details (as of Aug 15, 2024)
Project level details (as of Aug 15, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Committed Projects (2,375 MW) SECI IX 300.0 Rajasthan H2 FY25 2.37 SECI 25 GUVNL – XIX 400.0 Rajasthan H1 FY26 2.71 GUVNL 25 REC-DVC 200.0 Raj
Slide 36: Project level details (as of Aug 15, 2024)
Project level details (as of Aug 15, 2024) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Commissioned Projects (982 MW) Wind 291.1 Karnataka Q3 FY24 2.9 for year 1 with 3% escalation till year 15, from 16th to 25th year RTC-I SE
Slide 37: 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.