ReNew Signs 437.6 MW Green Attribute Pact With Microsoft

ReNew Signs 437.6 MW Green Attribute Contract with Microsoft

ReNew, one of India’s leading renewable energy companies, announced the signing of a green attribute sale contract of 437.6 MW of capacity with American software technology giant-Microsoft. The contract is expected to generate over one million units of green electricity attributes annually, contributing to Microsoft’s ambition to be carbon-negative by 2030.

 As part of the agreement, ReNew will direct approximately US $15 million of revenue from the contract towards a community fund to support environmental justice initiatives focusing on women’s livelihoods and economic empowerment, energy access, rural electrification, environmental remediation and water quality improvement, and other concerns of communities disproportionately impacted by pollution and climate change. 

The work will be delivered in partnership with ReNew foundation, the philanthropic arm of ReNew, which works to create sustainable communities through climate action with a focus on women and youth and whose efforts are aligned with Microsoft’s environmental justice priorities.

Commenting on the new contract, Puneet Chandok, President, 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.”

Sumant Sinha, Founder, Chairman, and Chief Executive Officer of ReNew said “We are thrilled with this signing, as both companies have shared ambitions towards carbon neutrality.”Referring to the community development aspect of the agreement, he added, “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.”

The agreement between Microsoft and Renew is among India’s largest corporate renewable agreements and is part of the five PPAs signed by ReNew during the quarter ended June 30, 2024, totaling ~2.2 GW, taking its total portfolio to 15.6 GW. 

Moreover, in FY24, the Renew contributed approximately 10 per cent of India’s total solar and wind energy generation and won auctions to supply over 8 GW of renewable energy projects. Further, the Letter of Awards for an additional ~5.8 GW of renewable energy projects received by ReNew will enable a doubling of its renewable energy asset portfolio to over 21 GW by FY29.