To estimate Moody’s adjusted leverage trend for REN in 2022, we need to calculate the leverage ratio (Adjusted Debt / Adjusted EBITDA) for the years 2021 and 2022 and compare them. Moody's typically defines Adjusted Debt as reported debt plus certain adjustments (like pension deficits, operating lease liabilities, etc., though often reported debt is a strong proxy if specific adjustments aren't detailed, we will use the provided balance sheet liabilities related to borrowings). Adjusted EBITDA is typically Reported EBITDA plus/minus specific adjustments.

**Step 1: Calculate Adjusted Debt (Proxy: Total Borrowings)**
Moody's usually includes both current and non-current interest-bearing debt.
*   **2021 (Data as of 2022-01-01 represents end of 2021):**
    *   Long-term Borrowings: 2,390,852,000 EUR
    *   Current Borrowings: 375,221,000 EUR
    *   Total Debt 2021 = 2,390,852,000 + 375,221,000 = 2,766,073,000 EUR
*   **2022 (Data as of 2023-01-01 represents end of 2022):**
    *   Long-term Borrowings: 1,695,362,000 EUR
    *   Current Borrowings: 638,944,000 EUR
    *   Total Debt 2022 = 1,695,362,000 + 638,944,000 = 2,334,306,000 EUR

*Observation:* Total reported debt decreased significantly from ~2.77 billion EUR to ~2.33 billion EUR.

**Step 2: Calculate Adjusted EBITDA**
We can derive EBITDA from the "Profit Loss From Operating Activities" (Operating Profit) and add back Depreciation and Amortization.
*   **2021 (Period 2021-01-01 to 2022-01-01):**
    *   Profit from Operating Activities: 218,863,000 EUR
    *   Depreciation and Amortisation: 241,940,000 EUR
    *   EBITDA 2021 = 218,863,000 + 241,940,000 = 460,803,000 EUR
*   **2022 (Period 2022-01-01 to 2023-01-01):**
    *   Profit from Operating Activities: 239,721,000 EUR
    *   Depreciation and Amortisation: 249,276,000 EUR
    *   EBITDA 2022 = 239,721,000 + 249,276,000 = 488,997,000 EUR

*Observation:* EBITDA increased from ~461 million EUR to ~489 million EUR.

**Step 3: Calculate Leverage Ratios**
Leverage = Total Debt / EBITDA

*   **2021 Leverage:** 2,766,073,000 / 460,803,000 ≈ 6.00x
*   **2022 Leverage:** 2,334,306,000 / 488,997,000 ≈ 4.77x

**Step 4: Determine Trend**
The leverage ratio decreased from approximately 6.00x to 4.77x. A decrease in the leverage ratio indicates that the company is less leveraged relative to its earnings capacity. This is a positive credit development.

Therefore, the trend is Improving.

<answer>Improving</answer>