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Briefing on Financial Results for the Fiscal Year Ending March 2023: Renova

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RENOVA, Inc. reported strong financial growth for the fiscal year ending March 2023, characterized by a 15% increase in revenue to 33.58 billion yen and a 38.3% rise in EBITDA to 18.1 billion yen. This performance was driven by the full-year contributions of the Kanda Biomass and Karumai Sonbou Solar power plants, alongside gains from the transfer of equity interests in the Yokkaichi Solar project. The company successfully expanded its operational portfolio by commencing commercial operations at the Minami-Aso Yunotani Geothermal plant and securing a loan agreement for the Reihoku Amakusa Onshore wind project. The company’s strategic focus centers on diversifying its renewable energy portfolio and capitalizing on the emerging Power Purchase Agreement (PPA) market. In May 2023, RENOVA concluded its first virtual PPA with Murata Manufacturing, marking a significant step in selling environmental value directly to corporate consumers. To support this growth, the company is restructuring its internal organization, including the appointment of a Chief Development Officer and the creation of a dedicated Biomass Energy Department to manage fuel procurement and ensure the operational stability of its 450MW biomass pipeline. Looking ahead, RENOVA maintains a long-term target of reaching 3,000MW of operational capacity by the end of fiscal year 2030. The outlook for fiscal year 2024 anticipates continued revenue growth, projected at 59 billion yen, supported by the scheduled commercial operation of four major biomass plants. While the company faces macroeconomic headwinds, including fluctuating fuel prices and material costs, it mitigates these risks through long-term procurement contracts, lump-sum EPC agreements, and interest rate hedging. The company remains committed to its mission of establishing sustainable energy systems across Asia through a multi-technology approach encompassing solar, wind, biomass, and geothermal power.

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Briefing on Financial Results for the Fiscal Year Ending March 2023: Renova

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