ReNew Signs 437.6 MW Green Energy Agreement with Microsoft

ReNew, India’s leading renewable energy company, announced today the signing of a 437.6 MW green attribute sale contract with Microsoft. This significant agreement is expected to generate over one million units of green electricity attributes annually, supporting Microsoft’s goal of becoming carbon-negative by 2030.

As part of the contract, ReNew will allocate approximately US $15 million in revenue towards a community fund aimed at supporting environmental justice initiatives. These initiatives will focus on women’s livelihoods, economic empowerment, energy access, rural electrification, environmental remediation, water quality improvement, and addressing the needs of communities disproportionately affected by pollution and climate change. This work will be executed in collaboration with ReNew Foundation, the philanthropic arm of ReNew, which aligns its efforts with Microsoft’s Environmental Justice priorities to create sustainable communities with a focus on women and youth.

Puneet Chandok, President of Microsoft India & South Asia, commented, “Microsoft has ambitious renewable energy and decarbonization goals. This agreement with ReNew accelerates our progress towards these goals while benefiting local communities through initiatives such as rural electrification and improving women’s livelihoods. We are taking a holistic approach that includes advancing our climate goals and empowering the ecosystem with the technology needed to build a more resilient future.”

Sumant Sinha, Founder, Chairman, and CEO of ReNew, hailed the signing as a significant milestone in the company’s efforts to support global decarbonization goals. “We are thrilled with this agreement as both companies share ambitions towards carbon neutrality,” Sinha said. He also emphasized the importance of the community development aspect of the deal, stating, “As a sustainability-first organization, a just energy transition is integral to ReNew’s mission of creating a better world. This agreement will help us fulfill our commitment to the communities we operate in and address socio-economic aspects related to climate change.”

This contract is one of India’s largest corporate renewable agreements and is part of the five power purchase agreements (PPAs) signed by ReNew during the quarter ended June 30, 2024, totaling approximately 2.2 GW. These agreements have brought ReNew’s total portfolio to 15.6 GW. In FY24, ReNew contributed around 10 percent of India’s total solar and wind energy generation and secured auctions to supply over 8 GW of renewable energy projects. Additionally, the company has received Letters of Award for approximately 5.8 GW of renewable energy projects, which will enable it to double its renewable energy asset portfolio to over 21 GW by FY29, further solidifying its position as a key player in India’s clean energy transition.