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					</table>Independent power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy Global</a> has a reported revenue of ₹47.86 billion (~$506 million) for the first quarter (Q1) of the financial year (FY) 2027, a 16.2% year-over-year (YoY) increase from ₹41.18 billion (~$435 million).
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹30.39 billion (~$321 million), up 11.7% YoY from ₹27.22 billion (~$288 million).
Net profit rose 16% YoY to ₹5.95 billion (~$63 million) from ₹5.13billion (~$54 million) in Q1 FY 2026.
The company’s performance was supported by growth in its operating renewable energy portfolio and a strong contribution from its solar manufacturing business.
ReNew’s revenue for Q4 FY 2026 had <a href="https://www.mercomindia.com/renews-fy-2026-net-profit-doubles-as-capacity-additions-sustain-momentum" target="_blank" rel="noopener">risen</a> 9.5% to ₹31.79 billion (~$330.44 million) from ₹29.05 billion (~$301.89 million).
Business Updates
As of June 30, 2026, ReNew’s clean energy portfolio stood at approximately 20.5 GW, including 1.7 GW/6.2 GWh of battery energy storage systems.
The company’s commissioned clean energy capacity increased 17% YoY to approximately 13.1 GW, including 100 MW/250 MWh of energy storage.
After the quarter, ReNew commissioned another 466 MW of solar capacity, taking its commissioned capacity to approximately 13.5 GW, net of a 100 MW project sold under its capital recycling strategy.
ReNew’s commercial and industrial (C&amp;I) renewable energy portfolio increased to 2.9 GW, including 2.6 GW of commissioned capacity across five states. The company has commissioned 330 MW in the C&amp;I segment so far in FY 2027.
ReNew closed the sale of a 100 MW solar project in Tamil Nadu in June 2026. In July, ReNew and Japan’s Mitsui <a href="https://www.mercomindia.com/renew-mitsui-ink-730-million-refinancing-for-320-mw-rtc-project" target="_blank" rel="noopener">inked</a> a $730 million (~₹69.53 billion) multi-currency refinancing for its 320 MW round-the-clock renewable energy project in the state.
In August, the company signed definitive agreements to sell more than 1 GW of assets, which are expected to generate approximately $190 million in cash flow to equity upon closing.
Sumant Sinha, Founder and CEO, said data centers are expected to provide additional growth opportunities for the company’s C&amp;I business.
Revenue from power sales increased 5% YoY to ₹26.75 billion (~$283 million) from ₹25.47 billion (~$269 million) in the corresponding quarter last year.
Revenue from external sales of solar modules and cells rose 26.9% YoY to ₹16.78 billion (~$177 million) from ₹13.22 billion (~$140 million). Net profit from the manufacturing business increased 9.9% YoY to ₹3.91 billion (~$41 million) from ₹3.56 billion (~$38 million).
Adjusted EBITDA from solar module and cell sales to third-party customers increased 6.8% YoY to ₹5.65 billion (~$60 million) from ₹5.29 billion (~$56 million).
ReNew also faced grid-related curtailment at some projects, particularly in Rajasthan, due to delays in transmission infrastructure. Kailash Vaswani, Chief Financial Officer, said approximately half of the YoY decline in the company’s solar plant load factor during the quarter was attributable to grid curtailment. Weaker weather conditions and increased cloud cover accounted for the remainder.
Sinha said ReNew is in discussions with the Ministry of Power over possible compensation for curtailment linked to temporary General Network Access. He said the curtailment was not caused by the project developer, although the company does not expect full compensation.
Vaswani said the proposed scheme of arrangement for the company’s take-private transaction with CPP Investments and Sumant Sinha is expected to become effective in the first quarter of 2027. Under the transaction, the consortium plans to acquire ReNew shares it does not already own, after which the company would cease to be publicly traded.
Outlook
Vaswani said the company is maintaining its FY 2027 manufacturing EBITDA guidance despite the strong first-quarter contribution because manufacturing margins have started moderating and additional production capacity is entering the market. He said ReNew could revisit the guidance after the second quarter if the strong performance continues.
ReNew expects an additional 4 GW of solar cell manufacturing capacity to become operational by December 2026. The company <a href="https://www.mercomindia.com/renew-secures-%E2%82%B98-7-billion-from-british-international-investment" target="_blank" rel="noopener">secured</a> ₹8.7 billion (~$100 million) from British International Investment to support the expansion.
For FY 2027, ReNew expects to complete construction of 1.6 GW to 2.4 GW of renewable energy capacity.
On battery storage, Sinha said ReNew does not currently plan to develop long-term merchant energy storage projects because of uncertainty over electricity-market conditions and returns over periods of five to seven years.
However, the company may operate some battery projects on a merchant basis for one to two years before integrating them into contracted projects, supported by expected near-term arbitrage opportunities between daytime and evening electricity prices.
The company expects adjusted EBITDA of ₹103 billion (~$1.09 billion) to ₹109 billion (~$1.15 billion) and cash flow to equity of ₹18 billion (~$190 million) to ₹22 billion (~$232 million) in FY 2027.
ReNew expects external solar module and cell sales to contribute ₹10 billion (~$106 million) to ₹12 billion (~$127 million) to adjusted EBITDA.
The company expects adjusted EBITDA of ₹1 billion (~$11 million) to ₹2 billion (~$21 million) from gains on asset sales under its capital recycling strategy.

ReNew’s Q1 Revenue Rises 16% on Strong Solar Contribution

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					</table>A consortium of three investors led by <a href="https://leapfroginvest.com/" target="_blank" rel="noopener">LeapFrog Investments</a>, <a href="https://emcaf.allianzgi.com/" target="_blank" rel="noopener">Emerging Market Climate Action Fund,</a> and <a href="https://www.carlyle.com/our-firm/carlyle-alpinvest" target="_blank" rel="noopener">Carlyle AlpInvest</a> has picked up a combined stake of approximately 11.3% in ReNew Green Energy Solutions, the commercial and industrial (C&amp;I) platform of <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy Global</a>.
LeapFrog led the investment round, committing $50 million.
Sumant Sinha, Founder, Chairman, and CEO at ReNew, said, “This partnership (with LeapFrog) helps us scale solutions that reduce emissions and strengthen energy security.”
ReNew Green’s portfolio includes 2.5 GW of committed renewable energy capacity across multiple states, with 2 GW already commissioned. The company has long-term energy supply agreements of approximately 1.3 GW with major global technology corporations. It has an additional 200 MW, which does not form part of this transaction.
As of February 2026, ReNew Energy has a clean energy portfolio of approximately 19.2 GW, including 1.5 GW of battery energy storage systems (BESS). The company has a solar module and cell manufacturing capacity of 6.5 GW and 2.5 GW, respectively. It is expanding its solar cell manufacturing capacity by 4 GW.
Last December, ReNew <a href="https://www.mercomindia.com/renew-signs-deal-with-google-for-150-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">signed</a> a long-term agreement with Google to enable the development of a 150 MW solar project in Rajasthan. Google will procure the project’s energy attributes from ReNew. The solar project is scheduled for commissioning in 2026. It is expected to generate approximately 425,000 MWh of clean electricity annually.
In November, ReNew <a href="https://www.mercomindia.com/renew-to-invest-%E2%82%B9600-billion-in-clean-energy-projects-in-andhra-pradesh" target="_blank" rel="noopener">announced</a> plans to invest approximately ₹600 billion (~$6.76 billion) to set up multiple green energy projects in Andhra Pradesh, including a 6 GW solar ingot-wafer manufacturing plant, a 2 GW pumped hydro project, a 3,000 kilotons-per-annum green ammonia facility, and 5 GW of hybrid renewable energy projects, comprising wind, solar, and solar-BESS.
The company <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt financing from the Asian Development Bank that same month to support the development of a large-scale clean energy project in Andhra Pradesh.
ReNew <a href="https://www.mercomindia.com/renew-narrows-loss-in-q3-revenue-up-48-on-higher-solar-module-and-cell-sales" target="_blank" rel="noopener">posted</a> a total revenue of ₹31.37 billion (~$345.79 million) in the third quarter of the financial year 2026, a 48% year-over-year increase from ₹21.19 billion (~$233.57 million).

ReNew Offloads 11% Stake in C&I Arm for $95 Million

BOOM Power, a solar and battery storage project developer, has <a href="https://mercomcapital.com/boom-power-sells-100-mw-of-two-solar-projects/" target="_blank" rel="noopener">completed</a> the sale of two solar projects totaling 110 MW in the U.K. to Enray Power, a solar and storage project developer. The sale includes Firsfield Solar, with an installed capacity of 71 MWp and an export capacity of up to 46.9 MWp, located in West Suffolk, and Osgodby Solar, with a capacity of 42.9 MWp, situated in North Yorkshire.
Headwater Energy, a utility-scale solar and energy storage development firm, <a href="https://mercomcapital.com/headwater-energy-secures-144-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $144 million construction financing for its 112.5 MWdc Gum Swamp solar project in North Carolina, arranged by BridgePeak Energy Capital and funded in part by Pathward. The loan originated under Pathward’s energy lending program and a lender syndicate, with BridgePeak serving as the lender service provider.
Decarbonization solutions company ReNew Energy Global (ReNew) has <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt funding from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh. ReNew said the Andhra Pradesh clean energy project integrates 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It aims to deliver 300 MW of peak power as well as a dependable baseload supply.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-closes-299-million-1-2-gwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia. With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding.
N-Sun Energy, a solar development platform created by Alantra Solar, <a href="https://mercomcapital.com/n-sun-energy-secures-408m-financing-275-mw-solar-portfolio/" target="_blank" rel="noopener">signed</a> a €355 million (~$408 million) green financing agreement with Intesa Sanpaolo, through its Italian subsidiary N-Sun Energy Advisors Italy 2. The funding provided by Intesa Sanpaolo will be used for the development and construction of a 275 MWp portfolio of five photovoltaic and agrivoltaics projects across Italy.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-goldenpeaks-secures-133-million-for-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: BOOM Power Sells 110 MW of Two Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-boom-power-sells-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
BOOM Power, a solar and battery storage project developer, has <a href="https://mercomcapital.com/boom-power-sells-100-mw-of-two-solar-projects/" target="_blank" rel="noopener">completed</a> the sale of two solar projects totaling 110 MW in the U.K. to Enray Power, a solar and storage project developer. The sale includes Firsfield Solar, with an installed capacity of 71 MWp and an export capacity of up to 46.9 MWp, located in West Suffolk, and Osgodby Solar, with a capacity of 42.9 MWp, situated in North Yorkshire.
Headwater Energy, a utility-scale solar and energy storage development firm, <a href="https://mercomcapital.com/headwater-energy-secures-144-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $144 million construction financing for its 112.5 MWdc Gum Swamp solar project in North Carolina, arranged by BridgePeak Energy Capital and funded in part by Pathward. The loan originated under Pathward’s energy lending program and a lender syndicate, with BridgePeak serving as the lender service provider.
Decarbonization solutions company ReNew Energy Global (ReNew) has <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt funding from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh. ReNew said the Andhra Pradesh clean energy project integrates 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It aims to deliver 300 MW of peak power as well as a dependable baseload supply.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-closes-299-million-1-2-gwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia. With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding.
N-Sun Energy, a solar development platform created by Alantra Solar, <a href="https://mercomcapital.com/n-sun-energy-secures-408m-financing-275-mw-solar-portfolio/" target="_blank" rel="noopener">signed</a> a €355 million (~$408 million) green financing agreement with Intesa Sanpaolo, through its Italian subsidiary N-Sun Energy Advisors Italy 2. The funding provided by Intesa Sanpaolo will be used for the development and construction of a 275 MWp portfolio of five photovoltaic and agrivoltaics projects across Italy.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-goldenpeaks-secures-133-million-for-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

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