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    Nikhil Nigania • AllianceBernstein

    Nikhil Nigania's questions to Renew Energy Global PLC (RNW) leadership

    Nikhil Nigania's questions to Renew Energy Global PLC (RNW) leadership • Q1 2026

    Question

    Nikhil Nigania asked for color on renewable project execution challenges like grid availability and transformer shortages, and whether the outlook for India's wind capacity additions has improved. He also questioned the solar manufacturing technology roadmap, plans for vertical integration into wafers, and the company's rationale for not participating in recent green ammonia tenders.

    Answer

    Sumant Sinha, Founder, Chairman & CEO, responded that the primary execution bottleneck remains land acquisition rather than transmission or equipment shortages. He maintained his view that annual wind capacity additions in India would likely be around 5-6 GW. Mr. Sinha clarified the current manufacturing facility is Monoperc, while the new 4 GW plant will be Topcon, and that wafer manufacturing plans are contingent on government policy. He explained ReNew skipped the ammonia tenders due to poorly structured contracts, including short 10-year terms and a lack of 'change in law' protections.

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    Nikhil Nigania's questions to Renew Energy Global PLC (RNW) leadership • Q3 2025

    Question

    Nikhil Nigania of Sanford C. Bernstein & Co., LLC questioned the impact of broader industry headwinds like land availability and PPA signings, the potential profitability of the solar cell business, and the company's currency hedging strategy for debt and CapEx.

    Answer

    An unnamed executive, likely CEO Sumant Sinha, stated that ReNew has secured connectivity for its entire 24 GW pipeline, mitigating transmission risks, though land acquisition for wind projects remains a challenge. He added that the cell business is poised to benefit from attractive market prices. An executive, likely CFO Kailash Vaswani, detailed the company's diversified hedging policy, which utilizes full currency swaps and call spreads to manage foreign exchange exposure on its debt.

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    Nikhil Nigania's questions to Renew Energy Global PLC (RNW) leadership • Q2 2025

    Question

    Nikhil Nigania asked about a potential slowdown in PPA tendering and signing in India and whether there are options to exit legacy, low-tariff wind PPAs. He also requested a comparison of CapEx per megawatt for solar plants with and without in-house manufacturing and details on the cell and module technology being used.

    Answer

    Sumant Sinha, Founder, Chairman and CEO, noted that while bidding continues, a significant gap of ~40 GW in unsigned PPAs persists. For legacy contracts, he explained ReNew is in discussions with regulators due to long signing delays, with the downside risk limited to the bank guarantee amount. He stated in-house manufacturing provides a cost benefit of $0.015 to $0.02 per watt. He clarified that module lines are being converted to TOPCon while cell lines are currently Mono-PERC.

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