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ReNew Power on Friday reported a net loss of ₹10.4 crore for the April-June quarter compared to a net profit of ₹42.5 crore in the year-ago period, on account of certain adjustment for a one-time expense.
“The net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the balance sheet of ₹253.1 crore ($32 million) for the refinancing of USD bonds with lower cost rupee debt,” the company said in a statement.
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ReNew Power secures $1 billion ECB loan
The ECB loan will be used for ReNew Power’s 1,300MW capacity round-the-clock power supply and battery-enabled hybrid projectThe NASDAQ-listed firm’s total income during Q1 FY23 stood at ₹2,500.7 crore ($316 million), an increase of 48.8 per cent over Q1 FY22.
Adjusted EBITDA for the June quarter i was ₹2,015.7 million ($255 million), an increase of 49.7 per cent over Q1 FY22. The Cash Flow to equity (CFe) was ₹1,456.2 crore ($184 million), an increase of 104 per cent over Q1 FY22.
As of June 30, ReNew Power’s portfolio consisted of 12.9 gigawatt (GW), a 30.3 per cent increase year-on-year, of which 7.6 GW are commissioned and 5.3 GW are committed. The company signed an additional 0.3 GW of PPAs bringing the company’s total portfolio to 13.2 GW.
Recently, the company said it has secured around $1 billion, or ₹7,900-crore loan through External Commercial Borrowings (ECB) route, which it claims is the single largest ECB project finance loan for a single renewable energy (RE) project in India. The loan has been tied up with 12 international lenders, led by Rabobank. It is also ReNew’s largest ECB loan so far.
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