ReNew and Microsoft Partner on Major Green Energy Deal

Highlights

• ReNew and Microsoft sign a green attribute sale contract for 437.6 MW, generating over 1 million units of green energy per year.
• The agreement supports Microsoft’s renewable energy goals and local community development.
• ReNew continues to grow its renewable energy portfolio with new deals adding to its presence in India’s clean energy space.

ReNew, a leading renewable energy company in India, has signed a green attribute sale contract with Microsoft for 437.6 MW.

This will generate over 1 million units of green energy per year towards Microsoft’s goal of being carbon-negative by 2030.

ReNew will invest around $15 million in a community fund. This fund will support environmental justice initiatives including women’s economic empowerment, energy access, rural electrification, environmental remediation and water quality improvement.

ReNew Foundation, the philanthropic arm of ReNew, will manage these initiatives in partnership with Microsoft to address the needs of communities impacted by pollution and climate change.

Puneet Chandok, President of Microsoft India & South Asia, said, “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 initiatives to improve women’s livelihoods.  We are taking a holistic approach that includes progressing our climate goals and empowering the ecosystem with the technology that is needed to build a more resilient future."

Sumant Sinha, Founder, Chairman and CEO of ReNew, said, "This is a significant milestone in ReNew’s journey to support the global decarbonization goals of governments and corporates. We are thrilled with this signing, as both companies have shared ambitions towards carbon neutrality. 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 fulfil our commitment to the communities we operate amidst and address some of the socio-economic aspects related to climate change.”

This is one of the largest corporate renewable deals in India and adds to ReNew’s growth plans. In Q2 FY24, ReNew signed 5 PPAs of 2.2 GW, taking its total portfolio to 15.6 GW. In FY24, ReNew accounted for around 10% of India’s total solar and wind energy generation and won auctions for over 8 GW of renewable projects. With additional awards of around 5.8 GW, ReNew will double its renewable energy asset portfolio to over 21 GW by FY29 and will be a major player in India’s clean energy transition.

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Source: ReNew