ReNew, a leading renewable energy company in India, has announced the signing of a significant green attribute sale contract with Microsoft for 437.6 MW. This agreement is expected to generate over one million units of green electricity attributes annually, supporting Microsoft’s goal of becoming carbon-negative by 2030.
Under the agreement, ReNew will allocate approximately $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, and water quality improvement, particularly in communities disproportionately affected by pollution and climate change. The ReNew Foundation, the company’s philanthropic arm, will collaborate with Microsoft to deliver these projects, aligning with Microsoft’s Environmental Justice priorities.
Puneet Chandok, President of Microsoft India & South Asia, emphasized the importance of this partnership, stating, “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.”
Sumant Sinha, Founder, Chairman, and CEO of ReNew, highlighted the milestone, saying, “This is a significant milestone in ReNew’s journey to support the global decarbonization goals of governments and corporates. As a sustainability-first organization, a just energy transition is integral to ReNew’s mission of creating a better world.”
This contract is among India’s largest corporate renewable agreements and is part of the five power purchase agreements (PPAs) ReNew signed in the quarter ending June 30, 2024, totaling approximately 2.2 GW. These agreements have expanded ReNew’s total portfolio to 15.6 GW. In FY24, ReNew contributed about 10% of India’s total solar and wind energy generation and secured contracts to supply over 8 GW of renewable energy projects. With additional Letters of Award for nearly 5.8 GW of renewable projects, ReNew is set to double its renewable energy asset portfolio to over 21 GW by FY29, further solidifying its role in India’s clean energy transition.
