Independent renewable power producer ReNew Power posted revenue of ₹22.4 billion ($275 million) in the second quarter (Q2) of the financial year (FY) 2023, up 5.1% year-over-year (YoY).

The revenue included finance income and fair value change in derivative instruments of ₹718 million ($9 million) for the July-September quarter.

The Nasdaq-listed company attributed the performance to increased operating capacity, better realization, and late payment surcharge from customers – primarily state-owned distribution companies (DISCOMs).

The company’s net loss in Q2 FY23 was ₹986 million ($12 million) compared to ₹6.6 billion ($81 million) year-over-year (YoY) when the expense for listing on Nasdaq was ₹14.2 billion (~$174.61 million).

In its filing with the Securities and Exchange Commission (SEC), the company said, “Andhra Pradesh & Telangana DISCOMs have agreed to clear the overdue receivables in 12 installments, and Madhya Pradesh, Tamil Nadu & Karnataka DISCOMs have agreed to clear their past due receivables between 40-48 months. A few DISCOMs have also agreed to release/pay overdue interest as per Late Payment Surcharge rules.”

Adjusted EBITDA for Q2 stood at ₹18.2 billion ($224 million), an increase of 0.1% YoY.

The company said its Q2 electricity sale jumped by 18.7% YoY to 4.8 billion kWh.

The independent power producer said it commissioned 70 MW of wind and 5 MW of solar assets during Q2. The total portfolio for ReNew power stood at 13.4 GW, including a commissioned capacity of 7.7 GW, comprising 3.9 GW of wind and 3.7 GW of solar capacity.

1H FY2023

The net loss for H1 FY23 was ₹1.1 billion ($13 million) compared to ₹6.2 billion ($76 million) YoY.

Total revenue was ₹47.4 billion ($583 million), an increase of 24.4% YoY.

In other developments, ReNew said it would form a joint venture with Norfund, the Norwegian Government’s Investment Fund for developing countries, and KLP, Norway’s largest pension company,  to co-invest in ReNew’s transmission projects. Norfund & KLP would invest about ₹900 million ($ 11 million) for a 49% stake in ReNew’s Koppal transmission project in Karnataka.

The company said it would acquire 3E – a leading renewable energy asset performance, management, and analytics platform – which currently has about 20 GW of contracted capacity under management. Renew said that 3E’s digital platform SynaptiQ offers SaaS applications to maximize the revenue of renewable energy assets over the entire life cycle.

In June this year, ReNew Power said it would acquire 471.65 MW of wind and 56.25 MW of solar assets spread across eight states. The projects were estimated to have a total enterprise value of ₹30 billion ($369 million).

The company announced $1.1 billion in external commercial borrowing for the company’s hybrid round-the-clock battery-enabled renewable project.