ReNew Power sinks deeper to INR12.57b for nine months of FY2022

This is higher than the INR4.09b loss seen in the same period in 2021.

ReNew Power posted a net loss of INR12.57b, or approximately US$169m, for the nine months of financial year 2022, up from INR4.093m (US$55m) in 2021.

The company reported its total income for nine months rose 25.6% to INR51.58b (US$693m), whilst total income for the third quarter of FY 2022 climbed 24.7% to INR13.46b (US$181m).

As of 31 December 2021, ReNew Power’s total portfolio consisted of 10.33 gigawatts (GW).

Commissioned capacity stood at 7.44GW, of which about 3.75GW were wind, 3.59GW were solar, whilst 99 megawatts (MW) were hydro.

“We commissioned 160MW of wind and 1,325MW of solar capacity during the nine months of FY22 and 97MW of wind and 769MW of solar capacity during Q3 FY22,” the company said, adding that it acquired some 260MW of solar assets during Q3 FY22.

In the nine months of FY2022, ReNew Power sold a total of 10.47 billion kilowatt-hour (kWh), reflecting a 22.6% increase, or about 1.93 billion kWh. In Q3 FY2022 alone, electricity sold rose by 548 million kWh to 2.91 billion kWh.

Of the total 10.47 billion kWh, wind assets accounted for 6.67 billion kWh, which is higher by 1.35 billion kWh compared to the same period in FY2021.

Solar assets made up 3.61 billion kWh, an increase of 402 million kWh or 12.5%, over nine months of FY21; whilst hydro assets were 181 million kWh. The hydro assets were acquired in the month of August 2021.