Independent renewable power producer ReNew Power‘s net loss narrowed to ₹4 billion ($49 million) in the third quarter (Q3) of the financial year (FY) 2023, compared to a net loss of ₹6.4 billion ($77 million) year-over-year (YoY).

The company said its quarterly loss was significantly lower due to increased operating capacity, receipt of late payment surcharge from customers, and an insurance claim partially offset by lower wind resources.

For the October-December quarter, the company posted total revenue of ₹16 billion ($194 million), a growth of 19.4% YoY.

ReNew commissioned 34 MW of wind and 32 MW of solar assets during Q3. In the same period, the company sold nearly 2 billion units of solar energy, an increase of 36.6% over YoY.

The plant load factor for solar assets during Q3 was 23.8% compared to 21% the previous year.

The company’s total renewable portfolio was 13.4 GW at the end of the quarter. Of this, 7.8 GW is operational, 5.7 GW has been contracted, and only ~1% of the total portfolio awaits the signing of purchase power agreements (PPAs). ReNew also noted that about 300 MW of their projects are in the process of being acquired.

ReNew signed corporate PPAs for ~282 MW during the quarter. The corporate PPAs of the company now total 1,792 MW. Its customers include Amazon, Toyota, Suzuki, and Mahindra. ReNew has also signed a contract with Jindal Stainless to develop an approximately 300 MW utility-scale captive renewable project to power its facilities in Jajpur, Odisha.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) Q3 FY23 was ₹11.6 billion ($141 million), an increase of 10.2% YoY.

9M FY23

Total income for the first nine months (9M) of FY23 was ₹63.5 billion ($768 million), an increase of 23.1% YoY.

Adjusted EBITDA for 9M FY23 was ₹50 billion ($604 million), a 17.8% YoY rise.

The independent power producer commissioned 141 MW of wind assets and 57 MW of solar assets during nine months of FY23.

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.