Slide 1: Investor Update - FY20
ReNew POWER Investor Update- FY20
Slide 2: ReNew Power - Overview
1. ReNew Power- Overview
Slide 3: Leading Indian Pure-Play Renewable IPP
Leading Indian Pure-Play Renewable IPP Snapshot of ReNew’s Utility Scale Portfolio (May-2020)1 Brief Overview Wind Operational Projects Rajasthan (2,058 MW) (24%) Wind Under Development Projects Founded in 2011 Solar Operational Projects 358 MW Solar Under Development Projects Total capacity of
Slide 4: Evolution of ReNew Power Into India's Largest Player
Evolution of ReNew Power Into India’s Largest Player Strong track record of organic and inorganic growth due to strong execution capabilities Well-funded by prudent and timely capital raises to the tune of ~$1.4bn from high quality, global investors such as Goldman Sachs, CPPIB, ADIA & JERA who
Slide 5: High Quality Shareholder Base
High Quality Shareholder Base Management1 44.69% 17.35% 17.07% 7.65% 10.50% 2.75% 100% 100% 100% 100% 100% 100% ReNew Solar ReNew Solar ReNew Wind Subsidiaries in 41 Domestic ReNew Power Energy Power Energy (TN) Singapore and Subsidiaries Services Pvt Ltd Pvt Ltd Pvt Ltd Pvt Ltd USA 100% 100% <100%
Slide 6: Well Diversified Portfolio
Well Diversified Portfolio Continuous Focus on Portfolio Balancing Long Term Offtake Contracts Diversified Offtake Mix1 Pvt Counterparty Andhra Pradesh 8-20 years 7.9% 7% 4.9% Gujarat 2.8% Greater mix of Central Karnataka Agencies within 11.2% upcoming bids Central Agency Maharashtra 48.2% 10.0% 20-
Slide 7: Financing Strengths & Capabilities
Financing Strengths & Capabilities Diversified Sources, Efficient Structure, Active Capital Mgmt… Consistent track record of efficient equity capital raising constantly re-validating ReNew’s business story Strong Track Record of Raising Equity Capital ($mm)1 Multiple Pools of Debt Capital Efficient
Slide 8: Summary - Key Credit Highlights
Summary- Key Credit Highlights 6 1 Largest Indian Renewable Highly Experienced Power Producer, Well Management Team Positioned to Benefit from Attractive Industry Dynamics 5 2 Focused Initiatives to Drive Balanced and Well Operational and Diversified Portfolio of Organizational Excellence Assets 4 3
Slide 9: Financial Update ReNew
ReNew 2 Financial Update ReNew |
Slide 10: FY20 Performance - Consolidated
FY20 Performance- Consolidated Total Revenue (US$mm) EBITDA² (US$mm) & Margin² CAGR: 51% 710 85% 83% 83% 88% 87% 639 CAGR: 52% 560 615 467 371 386 614 675 308 207 351 175 192 FY17 FY18 Proforma FY19 FY20 FY18 FY17 FY18 Proforma FY18 FY19 FY20 Operating Revenue¹ Other income¹ EBITDA² Margin Total Ass
Slide 11: Receivables - Consolidated
Receivables- Consolidated DSO reduced from ~7 Months to ~5 Months from Sep 2019 to Mar 2020 USD Mn Overdue Total Total DSO DSO State Mar 20 Mar 20 Sep 19 Mar 20 Sep 19 AP 109 114 152 407 493 TS 50 56 67 303 332 KA 36 44 56 130 209 RJ 32 34 33 263 276 MP 10 16 31 71 136 Central 2 8 3 31 20 Govt MH 0
Slide 12: Debt Profile - ReNew Group (I/II)
Debt Profile – ReNew Group (I/II) Consolidated O/S as on Mar20 # Type (USD mn) Percentage 1 Operational Project Debt 3,566 82% 2 U/C Project Debt 105 2% Total Project Debt 3,671 85% 3 Working Capital Debt 75 2% 4 Non Project Debt 596 14% Total Non Project Debt 671 15% Total Debt 4,342 100% Standalon
Slide 13: Debt Profile - ReNew Group (II/II)
Debt Profile – ReNew Group (II/II) Fairly Diversified Lender Base and Spread out Maturities Most of our Debt is Domestic & Long Terms Sources of Debt* Debt Maturities* Pvt NBFCs ~60% of this is CPSU's 13% Off-shore Capital 15% Mkt Debt which Upto 3 Yrs is largely project Pvt Banks 33% backed >10 yea
Slide 14: Upcoming Maturities
Upcoming Maturities… …in FY21 & FY22 Maturity USD Mn Lender Debt Type Retirement Plan Project Debt Refinancing on the back of ~20 Yrs remaining useful life Jun/Aug 20 71 Barclays (86 MW) on track with a CPSU Project Debt Refinancing on the back of ~21 Yrs remaining useful life Aug 20 16 IFCI (40 MW)
Slide 15: Financial Update Restricted Groups
3. Financial Update Restricted Groups
Slide 16: Overview - Restricted Group I
Overview – Restricted Group I Entire RG Capacity Commissioned Wind: 400.9 MW Capacity Wt. Avg. Solar: 205.0 MW Project Stake (MW) COD1 Total: 605.9 MW Andhra Pradesh AP Solar 100% 60.0 Mar-2016 Gujarat Ellutla 1 100% 44.1 Sep-2016 (25.2 MW) (4%) Ellutla 2 100% 44.1 Dec-2016 25.2 MW Ellutla 3 100% 31
Slide 17: Overview - Restricted Group I
Overview – Restricted Group I Total Income (US$mm) EBITDA² (US$mm) & Margin² 88% 90% 90% 86% 108 100 97 90 90 79 63 98 90 54 79 61 FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 Operating Revenue¹ Other Income¹ EBITDA² Margin Total Assets (US$mm) Net Debt³ and Networth (US$mm) $99 $29 $22 $17 686 690 579 5
Slide 18: Receivable status - Restricted Group I
Receivable status –Restricted Group I DSO reduced from ~8 Months to ~6.5 Months from Sep 2019 to Mar 2020 USD Mn Overdue Total Total DSO DSO State Mar 20 Mar 20 Sep 19 Mar 20 Sep 19 AP 29 31 37 468 476 TS 10 11 13 292 329 MP 1 2 3 48 86 MH - 1 7 26 137 Pvt 1 1 2 26 29 Total 40 45 62 195 243 Note: Co
Slide 19: Overview - Restricted Group II
Overview – Restricted Group II Entire RG Capacity Commissioned Wind: 281.7 MW Capacity Wt. Avg. Solar: 354 MW Project Stake (MW) COD1 Total: 635.7 MW Karnataka Rajasthan (161 MW) (25%) 161 MW Ittigi 100.0% 50.0 Jan-2017 Raichur 100.0% 50.0 May-2017 Wadgera 100.0% 20.0 Dec-2017 Ladha 100.0% 20.0 Mar-
Slide 20: Overview - Restricted Group II
Overview – Restricted Group II Total Income (US$mm) Adjusted EBITDA² (US$mm) & Margin 110 87% 88% 87% 90% 99 89 77 55 49 29 85 90 25 52 26 FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 One Time Operating Revenue¹ Other Income¹ Adjusted EBITDA² Margin FX Loss Total Assets (US$mm) Net Debt³ and Networth (US
Slide 21: Receivable status - Restricted Group II
Receivable status –Restricted Group II DSO reduced from ~7 Months to ~6 Months from Sep 2019 to Mar 2020 USD Mn Overdue Total Total DSO DSO State Mar 20 Mar 20 Sep 19 Mar 20 Sep 19 RJ 19 20 15 401 293 TS 15 17 20 292 330 KA 4 5 7 151 263 Pvt. 1 1 1 21 22 MP - 1 2 36 91 MH - 1 3 24 149 Total 39 44 48
Slide 22: CoVid 19 Update
CoVid 19 Update…. Largely Insulated due to a Defensible nature of operations No Impact on Regular Operations - “Must-Run” status of RE stations maintained Revenue Cycle- Collected ~$ 150 Mn since the Lockdown Attractive Industry Dynamics With staged unlocking positive outlook on power dema
Slide 23: In Summary
In Summary…. ReNew is a unique and rapidly growing infrastructure player with high standards of corporate governance ReNew is the largest Indian renewable energy IPP that is well positioned to sustain its leadership position and enjoy the benefits of scale ReNew’s superior project selection, execu
Slide 24: Thank You
Thank You 23
Slide 25: Appendix
ReNew 4 Appendix a
Slide 26: Highly Experienced Management Team Supported by a Highly Qualified Board
Highly Experienced Management Team Supported by a Highly Qualified Board Senior Management Team TBU Sumant Sinha, D Muthukumaran Balram Mehta Ajay Bhardwaj Sanjay Varghese Mayank Bansal Kailash Vaswani Pushkar Prasad Ravi Parmeshwar Vaishali Nigam CFA CFO President, Wind President, EVP, Head- Solar