Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — ReNew Power — SPAC Merger (May 2021)
48 slides from Renew Energy Global's SPAC merger presentation, May 21, 2021
Slide 1: India's Premier Renewable Energy Company
Exhibit 99.1 India’s Premier Renewable Energy Company For Further Inquiries Please Contact IR@renewpower.in Anunay.Shahi@renewpower.inExhibit 99.1 India’s Premier Renewable Energy Company For Further Inquiries Please Contact IR@renewpower.in Anunay.Shahi@renewpower.in
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR solicitation or sale would be unlawful prior to registration or qualification under the securities laws of RELEASE, REPRODUCTION, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, any such state or jurisdiction, and nothi
Slide 3: Disclaimer
Disclaimer Confidential Information Projections The financial projections, estimates and targets in this presentation are forward-looking statements The information contained in this presentation is confidential and being provided to you solely for the that are based on assumptions that are inherent
Slide 4: Our Vision and Awards
Our Vision: UN Global Compact World Economic Reuters Award Network India Award Forum Award 2021: 2020: “To Build the 2020: Sumant Sinha Global Lighthouse Clean Energy recognized as India’s Network of Best Renewable Transition Award SDG Pioneer Companies Energy Company in the World” Largest Pure- S&P
Slide 5: About Presenters
About Presenters • 31 years of experience Sumant Sinha • Former COO – Suzlon; Founder & CEO – Aditya Birla Retail Founder, • Prior Experience: Group CFO - Aditya Birla Group; Investment Banking in Citi (US) Chairman and CEO and ING Barings (UK) • 29 years of experience D Muthukumaran • Head - Group
Slide 6: India's Largest Renewable Energy Company
India’s Largest Renewable Energy Company (2) Large Scale 9.9 GW Capacity Balanced Asset Mix 5.6 GW #1 Operational, Operating Capacity Renewable Energy 5.6 GW, (1) Company in India 57% Solar, Wind, US$699mn 4.7 GW, 5.2 GW, Revenue FY2021E 48% #10 52% (2) Committed Renewable Energy 4.3 GW, (1) Company
Slide 7: Contents
Contents India Renewable Financial 01 03 03 35 08 Energy Market Overview ReNew Power: Transaction Overview & 02 04 13 4 41 Key Highlights Valuation ComparablesContents India Renewable Financial 01 03 03 35 08 Energy Market Overview ReNew Power: Transaction Overview & 02 04 13 4 41 Key Highlights Val
Slide 8: India Renewable Energy Market
India Renewable Energy MarketIndia Renewable Energy Market
Slide 9: Key Highlights of India's Attractive Renewable Energy Market
Key Highlights of India’s Attractive Renewable Energy Market Third largest electricity market globally 1 One of the lowest per capita electricity consumption 2 in the world, which will drive future demand Electricity demand will double in 12 years, most of it 3 being met from renewable energy Renewa
Slide 10: Massive Renewable Energy Opportunity in One of the Fastest Growing Markets
Massive Renewable Energy Opportunity in One of the Fastest Growing Markets India’s Electricity Generation Expected to Double in India is One of the Largest and Fastest Growing (1) (3) Next Decade Renewables Markets Globally TWh Total Renewable Power Capacity (Excluding Large Hydropower) in GW, Dec-2
Slide 11: Utility-Scale Renewable Tariffs are Below Grid Parity Without Subsidies
Utility-Scale Renewable Tariffs are Below Grid Parity Without Subsidies Tariffs (¢ / kWh) 10.5 Introduction of Breaches grid parity competitive bidding (1) 6.7 6.5 6.4 6.4 5.7 (2) 4.9 4.8 4.3 3.6 FY2014 FY2017 Recent Tenders Solar Wind Thermal Firm RE Power Drivers for falling solar and wind tariffs
Slide 12: Government Target to Add 360 GW by 2030
Government Target to Add 360 GW by 2030 (1) India’s RE Targets (GW) 1,088 450 90 16 Installed Capacity (2010) Current Installed Capacity Government International Energy Agency Target 2030 Estimate 2040 (2) Renewable sector to attract investments of US$ 280bn+ over the next decade Notes: INR numbers
Slide 13: ReNew Power: Key Highlights
ReNew Power: Key HighlightsReNew Power: Key Highlights
Slide 14: Key Highlights
Key Highlights One of the Largest Renewable Companies 1 Globally, with Leadership Position in India Stable, Contracted and Diversified Portfolio of 2 Assets Vertically Integrated IPP with Diverse Execution 3 Capabilities Track Record of Disciplined Project Underwriting 4 with Focus on Risk Adjusted
Slide 15: #1 Utility-Scale Pure-Play Renewable Company in India and #10 Globally
#1 Utility-Scale, Pure-Play Renewable Power Generation Company in India and #10 Largest Globally Largest, Pure-Play Renewable Energy One of The Largest Renewable Energy Producers Globally Provider in India (1) (1) Net Capacity in MW (Operational + Late-Stage Pipeline) Net Capacity in MW (Operational
Slide 16: Consistent Track Record of Market Share Growth
Consistent Track Record of Market Share Growth Over Long Term ReNew has Successfully Grown its Capacity 2.8x Since FY2017 vs Industry Growth of 1.5x FY2012 FY2016 FY2018 FY2020 st Commissioned 1 Started in-house Solar Acquired Ostro Energy Started self O&M for wind; project with 25.2 MW, EPC and O&M
Slide 17: Scale Provides Competitive Edge in Fast Evolving Market
Scale Provides Competitive Edge in Fast Evolving Market 1 Ability to negotiate favourable terms from OEMs and other suppliers Technical expertise, track record and scale to win complex bids Access to diversified funding sources enhancing cost competitiveness Pan-India presence to identify and execut
Slide 18: Key Highlights
Key Highlights One of the Largest Renewable Companies 1 Globally, with Leadership Position in India Stable, Contracted and Diversified Portfolio of 2 Assets Vertically Integrated IPP with Diverse Execution 3 Capabilities Track Record of Disciplined Project Underwriting 4 with Focus on Risk Adjusted
Slide 19: Highly Diversified Portfolio of Assets
Highly Diversified Portfolio of Assets (1)(2) ReNew’s Regionally Diversified Utility Portfolio Diversity Across Vendors Reduces Dependence (3) and Price Risk Solar Longi, 24% Others, 33% JASolar, 21% 100 MW 3,058 MW Hareon, 7% Jinko, 7% ZNShine, 7% 1,346 MW 578 MW Wind 736 MW Others, 15% 560 MW Inox
Slide 20: Stable and Long-term Contracted Cash Flows with High Quality Counterparties
Stable and Long-term Contracted Cash Flows with High Quality Counterparties (2) Long Term PPAs Provide Stable Cash Flows High Quality Counterparty Mix (1) Contract Duration Offtaker Profile Others 9% 8-20 Years Private 8% 5% Gujarat 5% Madhya Pradesh Central 6% Agency 49% Andhra Pradesh 8% Karnataka
Slide 21: Government Reform Measures Likely to Reduce Counter-Party Risk
Government Reform Measures Likely to Reduce Counter-Party Risk in Future SECI is sponsored by central government of India and has a high credit profile given sovereign support Most of the future RE bids in India will be through SECI, which will minimize any direct counter-party risk from DISCOMs Ren
Slide 22: Key Highlights
Key Highlights One of the Largest Renewable Companies 1 Globally, with Leadership Position in India Stable, Contracted and Diversified Portfolio of 2 Assets Vertically Integrated IPP with Diverse Execution 3 Capabilities Track Record of Disciplined Project Underwriting 4 with Focus on Risk Adjusted
Slide 23: Fully Integrated Platform with Comprehensive Project Execution Capabilities
Fully Integrated Platform with Comprehensive Project Execution Capabilities (1) • Access to multiple data sources such as ReNew’s own 116 met-masts across 84 sites Site Selection • Performance data from 5.6 GW of wind and solar operating projects and Development • Visibility on 40,000 acres of land
Slide 24: Digital Analytics to Manage Projects and Drive Cost Efficiencies
Digital Analytics to Manage Projects and Drive Cost Efficiencies REMOTE ASSET ENERGY MANAGEMENT RECOGNITION BY WORLD MONITORING AND SERVICES ECONOMIC FORUM MAINTENANCE • Acquired Climate Connect in June • ReNew Power Diagnostics Centre • Addition to the World Economic 2020 to give ReNew access to en
Slide 25: Pioneering Development of Intelligent Energy Solutions
Pioneering Development of Intelligent Energy Solutions FLEXIBLE ON-DEMAND STORAGE B2B ENERGY SERVICES SOLUTIONS • Round The Clock (RTC) and peak • Built the largest pipeline of utility • Corporate PPA market is gaining power projects to be mainstay of scale battery energy storage traction and is gro
Slide 26: Growing Through Investment Across Green Energy Value Chain
ReNew Continues to Be Focused on Growing Through Investment Across “Green” Energy Value Chain Efficiency Core Business Who to sell Backward Forward Gains Integration integration Distribution for more to create control over more RE Corporate supply demand PPAs Generation - RE & Storage Manufacturing
Slide 27: Key Highlights
Key Highlights One of the Largest Renewable Companies 1 Globally, with Leadership Position in India Stable, Contracted and Diversified Portfolio of 2 Assets Vertically Integrated IPP with Diverse Execution 3 Capabilities Track Record of Disciplined Project Underwriting 4 with Focus on Risk Adjusted
Slide 28: Strong Track Record of Disciplined Bidding Focused on Profitable Growth
Strong Track Record of Disciplined Bidding Focused on Profitable Growth (1) Strict Project Underwriting Over the Years Resulting in Compelling Risk Adjusted Returns Capacity Bid by ReNew Maintaining high level of 54.9 GW Selective bidding highlights discipline in bidding through disciplined approach
Slide 29: Key Highlights
Key Highlights One of the Largest Renewable Companies 1 Globally, with Leadership Position in India Stable, Contracted and Diversified Portfolio of 2 Assets Vertically Integrated IPP with Diverse Execution 3 Capabilities Track Record of Disciplined Project Underwriting 4 with Focus on Risk Adjusted
Slide 30: Leading Energy Transition in India and Committed to Global Sustainable Development Goals
ReNew is Leading Energy Transition in India and is Committed to the Global Sustainable Development Goals Partnerships with Our ESG Initiatives Environment • Mapping Scope 1, Scope 2 and Scope 3 emissions • Achieving “Net Zero” by 2050 • Adopted Dupont Safety Guidelines Signatory to • Benefitting com
Slide 31: Impacting Communities with Sustainability Initiatives
Impacting Communities with Sustainability Initiatives Lighting Lives – Electrification of Schools ReNew Women India Initiative (ReWIN) Community-Based Water Management ReNew Scholarship for Exceptional Talent (ReSET) 31Impacting Communities with Sustainability Initiatives Lighting Lives – Electrific
Slide 32: Key Highlights
Key Highlights One of the Largest Renewable Companies 1 Globally, with Leadership Position in India Stable, Contracted and Diversified Portfolio of 2 Assets Vertically Integrated IPP with Diverse Execution 3 Capabilities Track Record of Disciplined Project Underwriting 4 with Focus on Risk Adjusted
Slide 33: Led by a Visionary Founder and a Highly Experienced Management Team
Led by a Visionary Founder and a Highly Experienced Management Team of ReNew India Lighting Lives – Electrification of Schools Sumant Sinha D Muthukumaran Balram Mehta Sanjay Varghese Mayank Bansal Founder, Chairman and Chief Financial Chief Operating President, Solar Chief Commercial Officer CEO Of
Slide 34: Updates Since Business Combination and PIPE Announcement
Updates Since Business Combination and PIPE Announcement Successfully Secured US$855mn in PIPE Commitments in Feb-21 Update on 9MFY21 nd Commissioning of Potential Impact of 2 Wave of (Dec-20) Financials and Bond 515 MW Capacity COVID-19 on Operations Issuances • Revenue: $547mn; EBITDA: • 300 MW Wi
Slide 35: Financial Overview
Financial 3 5 OverviewFinancial 3 5 Overview
Slide 36: Track Record of Efficient Capital Raise from Diverse Sources of Funding
Track Record of Efficient Capital Raise from Diverse Sources of Funding (1) Outstanding Funding (31-Dec-20) Raised US$3bn+ in Bond Offerings Through 7 USD Bond Offerings at Competitive Rates Reduction in cost of debt 6.67% 6.45% 1.71% Working Capital Loan 6.00% 0.5% INR Bonds 5.88% 12.9% (2) Equity
Slide 37: Capacity by FY25 Through Organic and Inorganic Growth
18 GW Capacity by FY25 Through Organic and Inorganic Growth Installed Capacity (In GW) 18.1 14.6 12.0 8.2 4.7 2.1 8.2 0.9 5.6 5.4 4.6 9.9 9.9 9.9 7.3 5.6 5.4 4.6 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Committed New Bids & Acquisitions Incremental Bids & Acquisitions ü Installed capacity is existing oper
Slide 38: Strong Revenue Growth and Stable Margins
Strong Revenue Growth and Stable Margins (1) Revenue (In $mn) In line with FY21 1,954 projections 1,653 654 ü 19% growth in capacity in FY20 offset by 1,325 349 lower tariffs on new projects 217 950 699 45 682 619 ü FY21E revenue growth impacted by low 1,304 1,300 1,108 905 wind PLFs, offset by incr
Slide 39: Stable Net Leverage Expected to be Maintained at 5.3-5.6x
Stable Net Leverage Expected to be Maintained at 5.3-5.6x Capital Expenditure and Leverage (In $mn) 2,310 2,290 7.1x 1,837 6.8x 1,597 6.2x 816 5.6x 5.5x 524 430 5.3x 5.3x FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net Debt / EBITDA 75 – 80% capex funded through debt ü Capex is based on the anticipated expen
Slide 40: RECAP: ReNew is the Leading Renewable Energy Player in a Rapidly Growing Market
RECAP: ReNew is the Leading Renewable Energy Player in a Rapidly Growing Market Renewables are the mainstay of electricity growth in India – most economical and 1 fastest growing ReNew with 9.9 GW committed capacity, diversified, and high quality portfolio is 2 the largest renewable energy company i
Slide 41: Transaction Overview and Valuation Comparables
Transaction Overview and Valuation Comparables 41Transaction Overview and Valuation Comparables 41
Slide 42: Transaction Overview and Valuation Overview
Transaction Overview and Valuation Overview • Transaction will be funded by $345mn of RMG II cash held in trust and up to $855mn in PIPE proceeds • Post-closing company is anticipated to be listed on the NASDAQ and retain its ReNew Power name • Primary proceeds will be used to fund attractive near-t
Slide 43: Overview of RMG II Management Team
Overview of RMG II Management Team Highly Experienced RMG II Management Team RMG Acquisition Corp. II Overview Jim Carpenter • RMG Acquisition Corp. II (“RMG II”) is NASDAQ listed SPAC Chairman which completed its $345mn IPO on December 14, 2020 • Founder and CEO of Riverside Management Group • RMG
Slide 44: ~70% of Post-Transaction Shareholding Held by Existing Shareholders
~70% of Post-Transaction Shareholding Held by Existing Shareholders Pre-Transaction Shareholding Post-Transaction Economic Shareholding (2) % % at Closing Employees and Founder Entities ex-employees (1) 6.1% Management ESOPs 0.0% 0.8% (1) GEF SACEF Management ESOPs 2.9% 1.0% PIPE Investors GS 19.8%
Slide 45: Structural Overview
Structural Overview Existing Shareholders Offshore Existing Structure India Founder and ReNew Power Private Limited (“RPPL”) GS and CPP CCPS SPAC Sponsor & Existing New Investors Shareholders PIPE Investors Proposed NewCo Structure Offshore India Founder and RPPL GS and CPP CCPS 45Structural Overvie
Slide 46: ReNew's Financial Profile is Superior Compared to Public Comparables
ReNew’s Financial Profile is Superior Compared to Public Comparables ReNew Indian Peer European Peers North American Peers (1)(2) Revenue Growth (2020-2023 CAGR) 72.1% 28.1% 25.6% 24.9% 16.1% 13.8% 10.7% 11.5% 6.3% 7.3% (1)(2) EBITDA Growth (2020-2023 CAGR) 39.4% 26.2% 22.6% 21.6% 11.8% 12.0% 11.7%
Slide 47: Peer Valuation Benchmarking
Peer Valuation Benchmarking – Highly Attractive Valuation Compared to Peers Equity Value for Comparable Indian Platforms • Robust demand in public markets for renewable energy companies, particularly those Capacity Equity Value Company with exposure to large addressable markets and enormous growth o
Slide 48: Thank you
Thank you For Further Inquiries Please Contact Investor Contact IR@renewpower.in Anunay.Shahi@renewpower.in 48Thank you For Further Inquiries Please Contact Investor Contact IR@renewpower.in Anunay.Shahi@renewpower.in 48