ReNew India Signs 437.6 MW Green Deal with Microsoft, Pledges $15 Million for Communities

ReNew, India’s leading renewable energy company, has announced a landmark agreement with tech giant Microsoft to supply 437.6 megawatts (MW) of green electricity attributes annually. The deal, one of the largest corporate renewable agreements in India, aligns with Microsoft’s goal of becoming carbon-negative by 2030.

Under the contract, ReNew will generate over one million units of green electricity attributes each year. The company has also committed to allocating approximately $15 million in revenue from the agreement to a community fund. This fund will support environmental justice initiatives, with a particular focus on women’s livelihoods, economic empowerment, rural electrification, energy access, and water quality improvement in communities disproportionately affected by pollution and climate change.

The initiatives will be executed in collaboration with ReNew Foundation, the philanthropic arm of ReNew. The foundation is dedicated to fostering sustainable communities through climate action, particularly targeting women and youth, in line with Microsoft’s Environmental Justice priorities.

Commenting on the agreement, Puneet Chandok, President of Microsoft India & South Asia, said, “This deal accelerates our renewable energy and decarbonization goals, while also benefiting local communities through initiatives like rural electrification and women’s empowerment. We are committed to a holistic approach that advances our climate goals and empowers ecosystems with the technology needed for a resilient future.”

Sumant Sinha, Founder, Chairman, and Chief Executive Officer of ReNew, hailed the agreement as a significant step towards global decarbonization. “This is a milestone in our journey to support the global decarbonization goals of governments and corporations. As a sustainability-first organization, a just energy transition is integral to our mission. This agreement will help us fulfill our commitment to the communities we operate in and address the socio-economic aspects of climate change,” Sinha stated.

The deal with Microsoft is part of a broader series of Power Purchase Agreements (PPAs) signed by ReNew during the quarter ending June 30, 2024, totaling approximately 2.2 gigawatts (GW). These agreements bring ReNew’s total portfolio to 15.6 GW. In the fiscal year 2024, the company contributed around 10% of India’s total solar and wind energy generation and secured contracts to supply over 8 GW of renewable energy. With additional Letters of Award for about 5.8 GW of projects, ReNew is set to double its renewable energy asset portfolio to over 21 GW by fiscal year 2029, solidifying its position as a major player in India’s clean energy transition.