In a landmark agreement that showcases their shared commitment to a sustainable future, ReNew, India’s leading renewable energy company, has signed a groundbreaking 437.6 MW green energy deal with tech giant Microsoft. This transformative partnership will not only accelerate Microsoft’s ambitious goal of becoming carbon-negative by 2030 but also empower local communities through impactful environmental justice initiatives.
Empowering Sustainable Communities: ReNew’s 437.6 MW Green Energy Agreement with Microsoft
A Game-Changing Renewable Energy Deal
The 437.6 MW green attribute sale contract between ReNew and Microsoft is poised to generate over one million units of green electricity attributes annually, directly supporting Microsoft’s decarbonization efforts. Sumant Sinha, Founder, Chairman, and CEO of ReNew, expressed his enthusiasm for the agreement, stating, “We are thrilled with this agreement as both companies share ambitions towards carbon neutrality.“
Driving a Just Energy Transition
As a sustainability-first organization, ReNew is committed to a just energy transition, which is integral to its mission of creating a better world. To this end, the company will allocate approximately US $15 million in revenue from the agreement towards a community fund. This fund will support environmental justice initiatives, such as women’s livelihoods, economic empowerment, energy access, rural electrification, environmental remediation, and water quality improvement. These efforts will be executed in collaboration with ReNew Foundation, the philanthropic arm of ReNew, aligning with Microsoft’s Environmental Justice priorities.
Accelerating Decarbonization and Empowering Communities
“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,” commented Puneet Chandok, President of Microsoft India & South Asia. The partnership between ReNew and Microsoft exemplifies the power of collaboration in driving sustainable change, benefiting both the planet and the people.
ReNew’s Leading Role in India’s Clean Energy Transition
A Significant Renewable Energy Portfolio
This landmark agreement is one of India’s largest corporate renewable deals 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 an impressive 15.6 GW.
Driving India’s Renewable Energy Generation
In the fiscal year 2024, 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. Furthermore, 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, solidifying its position as a key player in India’s clean energy transition.
A Shining Example of Green Energy Agreements
This partnership between ReNew and Microsoft exemplifies the transformative potential of green energy agreements. By combining their expertise and resources, the two companies are not only accelerating their decarbonization goals but also positively impacting local communities through impactful environmental justice initiatives. As the global push for renewable energy and climate action intensifies, this landmark agreement serves as a shining example of what can be achieved through strategic collaborations.