IPP
, India
Logo from ReNew Power's website.

ReNew Power posts $12m net loss in Q2 FY23

Its portfolio reached 13.4GW as of 30 September.

India-based ReNew Power reported a $12m net loss in the second quarter of the financial year 2023, lower than the $81m loss it saw in the same period in the previous year.

In a statement, the company said its total revenue for the quarter rose by 5.1% year-on-year to $275m, whilst its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was at $224m, up 0.1% YoY.

For the first half of the financial year, its net loss was at $13m, compared to the $76m in the same period in the previous year, whilst its revenue jumped 24.4% to $583m. ReNew’s EBITDA rose 20.3% YoY to $472m.

ReNew’s portfolio increased by 30.8% YoY to 13.4 gigawatts (GW) as of 30 September.

READ MORE: ReNew unit, Egypt gov’t to develop green hydrogen plant

Chairman and CEO Sumant Sinha said ReNew signed 1GW of purchase power agreements during the second quarter.

 "We have furthered our investments in capacity and our technology and analytics capabilities through acquiring shares of 3E, a leading SaaS solutions company in renewable energy and a new partnership with Norfund and KLP,” he said.

“The core operations of the company continue to execute as expected this year and our continued access to affordable capital are enabling the company to capitalize on significant growth opportunities,” he added.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!