SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2022
Commission File Number: 001-40752
RENEW ENERGY GLOBAL PLC
(Translation of registrants name into English)
C/O Vistra (UK) Ltd 3rd Floor
11-12 St Jamess Square London SW1Y 4LB
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
On June 2, 2022, Renew Energy Global plc adds over 700MW taking total portfolio to ~12.8 GW.
The press release is attached as Exhibit 99.1 hereto.
|99.1||ReNew adds over 700MW taking total portfolio to ~12.8 GW|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Dated: June 2, 2022||RENEW ENERGY GLOBAL PLC|
ReNew adds over 700 MW taking total portfolio to ~12.8 GW
Signed definitive agreements to acquire over 500 MW of operating wind and solar assets
Inks Power Purchase Agreement (PPA) for 200 MW solar project with Maharashtra State Electricity Distribution Company Limited (MSEDCL)
Latest deals follow addition of ~2GW of projects in April 2022
Gurugram, India; June 2, 2022: ReNew Power (ReNew or the Company) (NASDAQ: RNW, RNWWW), Indias 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 Companys 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 Companys portfolio, Sumant Sinha, Chairman and CEO, ReNew, said: The clean energy transition in India must happen at an increasingly rapid pace to meetand greenthe expanding energy requirements of the country, and to strengthen its longer-term 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 Indias crucial fight against climate change, Sumant added.
1 1 US$ = ₹ 77.63; subject to final closing adjustments
2 on a weighted average basis
ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind energy, solar energy, and hydro projects. As of May 31, 2022, ReNew has a gross total portfolio of ~ 12.8 GW of renewable energy projects across India, including commissioned and committed projects. To know more, visit www.renewpower.in and follow us on Linked In, Facebook, Twitter and Instagram.
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