ReNew Energy Global plc
ReNew Energy Global plc is a renewable power and decarbonization company focused on utility-scale solar, wind, hydro, and battery energy storage projects in India. Through its operating subsidiaries and related businesses, it also participates in electricity transmission, commercial and industrial power supply, manufacturing of solar modules and cells, and carbon-market related services.
Fiscal year 2025 · change from previous year
Development 2025–2025
Business
Share of revenueElectricity produced from solar, wind, and hydro assets sold under PPAs and market arrangements.
Transmission sales, open market sales, and related power delivery services in India.
Electricity supply and tailored clean-energy solutions for corporate and industrial customers.
Solar module and solar cell manufacturing for external and captive clean-energy needs.
Ancillary services and income streams including consultancy, financial income, and other items.
Customers
ReNew sells power mainly to Indian central and state government utility companies under long-term PPAs, which are the core of its utility-scale generation model. It also sells electricity to commercial and industrial customers, participates in open-market power sales, and serves buyers of solar modules and cells from its manufacturing operations.
Central and state utility companies buy contracted electricity under PPAs to secure grid supply.
State-owned distributors buy power and represent a concentrated customer base for grid-connected generation.
Corporate customers buy clean electricity and tailored energy solutions to meet power and decarbonization needs.
Market participants buy electricity sold outside of PPAs when the company routes output to merchant channels.
External customers buy solar modules and cells produced by the manufacturing business.
Strategy
ReNew's strategy centers on expanding its clean-energy platform across generation, storage, and manufacturing so it can capture more of the renewable power value chain in India. It also emphasizes long-term contracted power sales, additional storage capacity, and integrated solutions such as digitalization and carbon markets to diversify revenue sources and support large customer relationships.
Larger operating scale supports growth, diversification, and grid responsiveness.
Manufacturing and storage reduce reliance on third parties and widen the solutions set.
Long-term PPAs provide visibility in a market with concentrated utility buyers.
Geography
ReNew's business is concentrated in India, where it develops, owns, and operates most of its renewable generation portfolio and serves utility and industrial customers. The company is listed on Nasdaq and has a U.S. corporate presence, but its operating footprint, power sales exposure, and manufacturing base are primarily Indian.
Risks
ReNew is exposed to customer concentration because Indian electricity distribution is controlled by a limited pool of government utilities and one state distribution company accounts for more than 10% of total income. Its revenue is also sensitive to fixed tariffs, tariff regulation, and the credit quality of power purchasers, while the manufacturing business adds exposure to execution, utilization, and competitive pricing risk.
- Customer concentration among government utilitiesImpact: HighLikelihood: High
A limited number of buyers purchase utility-scale electricity in India, making revenue dependent on a concentrated pool of offtakers.
Exposure: PPAs with central and state government-utility companies
- Counterparty credit riskImpact: HighLikelihood: Medium
If utilities cannot pay or accept contracted power, cash flows and asset values may be adversely affected.
Exposure: State distribution companies and other PPA counterparties
- Tariff regulation and policy changeImpact: HighLikelihood: Medium
Revenue is exposed to fixed tariffs and changes in tariff regulation or structuring.
Exposure: India power market
- Manufacturing and scale-up executionImpact: MediumLikelihood: Medium
Solar module and cell manufacturing requires efficient utilization, quality control, and successful expansion.
Exposure: Module and cell operations
Accounting
Judgemental itemsThe company cites finance costs and fair value changes on derivative instruments in adjusted EBITDA, showing that valuation movements can affect reported performance.
Impact: Can create non-cash volatility in earnings and EBITDA adjustments
Revenue comes from PPAs, transmission sales, open-market sales, manufacturing, consultancy, and financial income, each with different recognition patterns.
Impact: Affects comparability across periods and segments
Utility-scale renewable assets and manufacturing capacity require assumptions on useful life, recoverability, and utilization.
Impact: Can materially affect carrying values and depreciation
Power generation, project completion, and manufacturing output can shift by quarter.
Impact: Makes interim results less comparable period to period
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Last updated: 28/09/2026