ReNew Power: ReNew adds over 700 MW taking total portfolio to ~12.8 GW

ReNew Power (“ReNew” or “the Company”) (NASDAQ: RNW,
RNWWW), India’s leading renewable energy company, today announced it has signed definitive
agreements to acquire an operating wind and solar portfolio of 527.9 MW, comprising 471.65 MW of
wind and 56.25 MW of solar assets.
The Company has also signed a PPA with MSEDCL for a 200-MW solar project. Both deals see the
Company’s gross total portfolio jump over 25 % to 12.8 GW from 10.2 GW at the beginning of 2022.
The acquired 527.9 MW of operating wind and solar projects is spread across eight Indian states. The
total enterprise value of these agreements is around ₹ 30 billion (US$ 388 million) 1 and is expected to
generate full-year FY23 EBITDA of about ₹ 3.95-4.24 billion (US$ 51-55 million). The expected closing
of the overall transaction is in Q2 FY23, but ReNew will receive all cash flows generated from the assets
from the lock box date, i.e., April 1, 2022.
The agreements have PPAs with state distribution companies in Gujarat, Maharashtra, Madhya
Pradesh, Karnataka, Rajasthan, Telangana, Kerala, and Tamil Nadu, plus 25 MW of PPAs with corporate
customers, and have an average remaining life of 17 years2
.
For the MSEDCL PPA, ReNew will supply electricity at ₹2.43/kWh (~US 3.1 ¢/kWh) for 25 years. The
asset will be in Rajasthan state and provide electricity to Maharashtra. The project is expected to be
commissioned by Q4 FY24.
Speaking on the recent sharp rise in the Company’s portfolio, Sumant Sinha, Chairman and CEO,
ReNew, said: “The clean energy transition in India must happen at an increasingly rapid pace to
meet—and green—the expanding energy requirements of the country, and to strengthen its longerterm energy security.
Given the recent electricity shortages and blackouts, customers are even more keen to sign new power
agreements to ensure future supply. ReNew will be at the heart of this growth in clean energy that
will support India’s crucial fight against climate change,” Sumant added.