ReNew Energy Global Cuts Wind to 850 MW, Raises EBITDA Guidance to INR 90–93 Billion
ReNew reduced committed wind capacity from 2.5 GW to 850 MW, boosting solar-plus-storage exposure and cutting build-out capex by INR 60 billion. Q3 FY26 adjusted EBITDA rose 31% YTD to INR 74.8 billion, full-year guidance was raised to INR 90–93 billion, and a $600 million bond cut interest to 6.5%.
1. Portfolio Pivot and Capacity Growth
ReNew cut its committed wind capacity from 2.5 GW to about 850 MW, replacing 1.65 GW of wind with solar and BESS due to lower execution risk and falling storage costs. Operating capacity climbed to 11.8 GW from 10.7 GW year-over-year, while total portfolio reached 19.2 GW including 1.5 GW of battery storage.
2. Q3 Financial Results and Guidance
Adjusted EBITDA rose 31% YTD to INR 74.8 billion, driven by asset sales, manufacturing and higher operating megawatts. Revenue jumped 48% YTD, manufacturing contributed INR 10.8 billion to EBITDA, and guidance was raised for full-year adjusted EBITDA to INR 90–93 billion and cash flow to equity of INR 14–17 billion.
3. Bond Refinancing and Leverage Reduction
The company completed a $600 million bond issuance at a 6.5% coupon, lowering annual interest by $9 million. Headline debt/EBITDA fell from 8.2x to about 7.0x, with management targeting a reduction toward approximately 5.5x by fiscal 2028–2030.