ReNew Energy Global's Q4 2025: Unpacking Contradictions on Wind Power, Sales Strategy, and Debt Financing

Wind power generation and wind speed impact, module sales and market focus, wind plant load factor (PLF), PPA and pricing strategy, debt financing strategy and rate cuts in India are the key contradictions discussed in ReNew Energy Global's latest 2025Q4 earnings call.



Operational Growth and Capacity Expansion:
- ReNew Power Private Limited constructed 11.2 gigawatts of operating capacity in fiscal 2025, a 17% increase from the previous year, and added 2 gigawatts in the last year.
- This growth was driven by the successful completion of multiple megawatt projects and the addition of new bids and PPAs.

Financial Performance and Margin Improvement:
- The company delivered more than 14% EBITDA growth year-over-year, with IPP business EBITDA margins improving to 83% from over 80% last year.
- This improvement was due to cost-saving initiatives and better control of project costs through the integration of project development, EPC, and O&M services.

Manufacturing and Supply Chain Enhancements:
- ReNew's manufacturing business supplied 1.3 gigawatts of modules and secured orders for an additional 1.4 gigawatts, contributing INR 4.2 billion to EBITDA in fiscal 2025.
- The expansion of the cell facility by 4 gigawatts aims to secure the supply chain and meet the domestic content requirement for solar cells.

ESG Leadership and Sustainability Initiatives:
- ReNew was recognized with an A-grade in LSEG ESG rating and a low-risk score of 13.1% by Morningstar Sustainability, reflecting its commitment to ESG practices.
- The company completed its first LCA and achieved certifications for sustainable manufacturing, demonstrating its leadership in environmental responsibility.