Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q3 2023 Earnings Presentation
31 slides from Renew Energy Global's earnings presentation, Feb 17, 2023
Slide 1: Q3 FY23 Earnings Review
Q3 FY23 Earnings Review Feb 17, 2023 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 01 Highlights of Recent Developments 02 Q3 FY 23 Highlights 03 Sustainability And ESG 04 Guidance 05 Appendix 3
Slide 4: Highlights
Highlights • 9 month Revenue from contracts with customers grew +24% YoY Continued strong 9M FY23 Earnings • 9 month Adjusted EBITDA grew +18% YoY growth YTD • 9 month Cash Flow to Equity (CFe) grew +11% YoY • As of December, 2022, our Adjusted EBITDA performance excluding M&A is ~98% of our interna
Slide 5: ~282 MW New PPAs Signed In Q3 FY23; Continued Growth in Corporate PPA Portfolio
~282 MW New PPAs Signed In Q3 FY23; Continued Growth in Corporate PPA Portfolio ReNew’s Corporate PPA Portfolio (MWs) Signed ~282 MW of new PPAs in Q3 FY23 for a total gross portfolio of 1,792 13.4 GW 1,510 Total Corp PPA portfolio at ~1.8 GW (Commissioned 660 MW + balance to be completed over the n
Slide 6: Capex Inflation Risk Subsiding & Ensuring Security of Supply
Capex Inflation Risk Subsiding & Ensuring Security of Supply Solar Wafer, Cell and Module Prices to observe declining trend1 $/W More confident in delivering IRRs above minimum threshold on projects 0.30 under construction given declines in cap ex prices 0.25 Module and cell prices have declined sig
Slide 7: Q3 FY 23 Highlights
02 Q3 FY 23 Highlights 7
Slide 8: Robust Growth Adjusted EBITDA And Cash Flow To Equity
Robust Growth Adjusted EBITDA And Cash Flow To Equity Key Highlights Key metrics (INR Bn) Total Portfolio YoY 63.5 • Total Portfolio (commissioned and committed) of ~13.4 GWs(1) Growth • ~7.8 GWs commissioned (1) + • ~5.7 GWs committed (1) 23% • Only ~1% of portfolio awaiting PPA contracts 51.6 18%
Slide 9: $141 Mn Adj. EBITDA In Q3 FY 23
$141 Mn Adj. EBITDA In Q3 FY 23 YoY % growth Adjusted Q3 FY 23 Adjusted Q3 FY 23 Q3 FY 22 Adj Million Q3 FY 22 Adjustments Q3 FY 23 Comments Vs (INR) (INR) (USD) (INR) (USD) (INR) (USD) Q3 FY 23 Adj Revenue from contracts with 11,896 13,170 159 13,170 159 11% customers Carbon Credit sales decreased
Slide 10: Continued Strong DSO Improvement
Continued Strong DSO Improvement Dec’22 DSO(4) improved by 78 days YoY to 178 (vs. 256 days in Dec’21) as Days Contribution Offtaker DSO(4) DISCOMs cleared past dues. Reduction in DSO contributed ~$122 mn to cash to DSO flow during Q3'23 Central Government(2) 6 2 Expect further improvement from curr
Slide 11: Sustainability And ESG
RETR EE EEE TE To) AREAS BES ETS no hha aed
Slide 12: Key Highlights From Q3 FY23
Key Highlights From Q3 FY23 Sustainability @ReNew Impacting Communities With Sustainability Initiatives Received a score of 81.22/100 Best among all Electric Utilities & IPPs corporates in India for FY21-22 and second among Electric Utility & peers globally. ReNew included in the recently released 2
Slide 13: Bolstering Our ESG Targets
Bolstering Our ESG Targets Our ESG targets Update for Q3 for FY 22 Status Emissions To be validated as carbon neutral Annual assurance exercise initiated In progress (scope 1 & 2) annually till 2025 • Total emission (scope 1, 2 and 3) for FY 2021-22 - 468,262 tCO2e Environment Develop science-based
Slide 14: Guidance
06 Guidance 14
Slide 15: Guidance
Guidance Adjusted EBITDA (reduced for minority stakes)(1)(6) Net Debt(2)(6) & Leverage(3) At Operating Capacity Of 7.8 GWs And 13.4 GWs (reduced for minority stakes) INR 89 – 94 bn INR 453 - 477 Bn INR 215 – 229 / share INR 61 – 63 bn INR 58 – 62 bn INR 148 – 152 / share INR 315 - 333 Bn INR 55 bn I
Slide 16: Appendix
07 Appendix 16
Slide 17: $604 Mn Of Adjusted EBITDA In 9M FY 23
$604 Mn Of Adjusted EBITDA In 9M FY 23 YoY % growth Adjusted 9M FY 23 Adjusted 9M FY 23 9M FY 22 Adj Million 9M FY 22 Adjustments 9M FY 23 Comments Vs (INR) (INR) (USD) (INR) (USD) (INR) (USD) 9M FY 23 Adj Revenue from contracts with 44,403 54,904 664 54,904 664 24% customers Carbon Credit sales dec
Slide 18: Debt Profile (66% Maturity >4 years, ~50% In USD–Fully Hedged)
Debt Profile (66% Maturity >4 years, ~50% In USD–Fully Hedged) By Debt Type By Source Secured Loan Secured Bank Loan from Fis 21% Hold Co. Debt 33% Project debt 7% 93% Working Capital Loan 3% Senior Overseas Green Bonds (1) INR Bonds 35% 8% By Currency(2) By Maturity 0 - 2 years 22% INR US Dollars 4
Slide 19: Weather Impact
Weather Impact All India Renewable Wind Energy PLFs (FY 2019 – FY 2023) 45.0% 40.0% ReNew wind PLFs in line with All-India trend 35.0% 36.3% 37.9% 30.0% 34.1% 32.2% 25.0% 27.8% 16.7% 27.0% 18.8% 14.7% 20.0% 15.0% Q1 Q2 Q3 Q4 10.7% FY22 FY23 10.0% 5.0% 0.0% Q1 Q2 Q3 Q4 FY 2019 FY 2020 FY 2021 FY 2022
Slide 20: Operating Performance And Seasonality
Operating Performance And Seasonality As of and for the year ended 31 March 2020 2021(5) 2022 9M FY 23 Wind Solar(4) Wind Solar(4) Wind Solar Wind Solar Commissioned capacity (GW) 3.24 2.18 3.59 2.01 3.78 3.69 3.92 3.74 Weighted average operational 3.11 1.88 3.31 2.16 3.66 2.78 3.86 3.70 capacity(1)
Slide 21: Counterparty Overview And Asset Breakdown
Counterparty Overview And Asset Breakdown Total Portfolio Total 13.4 GW Technology Solar 6.9 GW Hydro 0.1 GW Wind 6.4 GW Project Stage Commissioned Committed Commissioned Commissioned Committed 3.7 GW 3.2 GW 0.1 GW 3.9 GW 2.5 GW PPA Counterparty Centre State Corporate Centre State Corporate 3.7 GW 2
Slide 22: ReNew’s Outstanding Bonds
ReNew’s Outstanding Bonds Face Value Avoided emissions (t CO2/year) Bond Type Issue Date Maturity Coupon Green Bond (Mn $) attribute to the bonds Holdco Issuance Jan 2020 Mar 2027 450 5.875% Yes 577,095 Restricted Group Oct 2020 Apr 2024 325 5.375% Yes 773,969 Restricted Group Feb 2021 Feb 2027 460
Slide 23: Updated Share Holders And Diluted Shares
Updated Share Holders And Diluted Shares Economic Shareholding1 Total Shares Outstanding For ReNew Energy Global PLC August 2021 Current Shares (Mn) (Listing date) Particulars 13.8% 26.76% 35.57% 23.6% Class A Shares 259 Class B Shares3 - 3.9% 3.64% Class C Shares 118 7.0% 37.3% 6.65% Class D Shares
Slide 24: Project Level Details
Project Level Details (as of January 25, 2023) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at Cod Utility Scale Wind Energy Commissioned Projects (3,709 MW) 23.1MW: APPC Rate + escalation linked to State APPC tariff; 2.1MW: GUVNL (23.1), 23.1 MW: 25 years; Jasdan
Slide 25: Project Level Details
Project Level Details (as of January 25, 2023) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at Cod Utility Scale Wind Energy Commissioned Projects (3,709 MW) Ostro-Lahori 92.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Ostro-Amba 66.0 Madhya Pradesh Mar-16 5.92 MPPMCL 2
Slide 26: Project Level Details
Project Level Details (as of January 25, 2023) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at Cod Utility Scale Wind Energy Commissioned Projects (3,709 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
Slide 27: Project Level Details
Project Level Details (as of January 25, 2023) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at Cod Utility Scale Solar Energy Commissioned Projects (3,296 MW) 5.98 for year 1 with 3% escalation till year 10, 10th year tariff Cumbum 21.0 Andhra Pradesh Mar-16 APSPD
Slide 28: Project Level Details
Project Level Details (as of January 25, 2023) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at Cod Utility Scale Solar Energy Commissioned Projects (3,296 MW) SECI Raj 110.0 Rajasthan Feb-21 2.49 SECI 25 GUVNL 105.0 Gujarat Apr-21 2.68 GUVNL 25 SECI III 300.0 Raja
Slide 29: Project Level Details
Project Level Details (as of January 25, 2023) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at Cod Hydro Power Project (99 MW) Acquisition - L&T Hydro 99.0 Uttarakhand Dec-20 Third Party Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PP
Slide 30: Project Level Details
Project Level Details (as of January 25, 2023) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at Cod Corporate Wind Energy Committed Projects (588 MW) 327 MWs Acquisition 25.2 Karnataka Jun-12 4.00 3rd Party 20 Other Corporate Projects(7) 563.2 Multiple 3.23 – 3.95
Slide 31: Thank You
Thank You For further inquiries please contact IR@renewpower.in 31