ReNew, Microsoft forge 437.6 MW green energy pact to advance carbon-negative goals

• Published 3 months ago
• By SuperAdmin

In a significant boost to India's renewable energy sector, ReNew has inked a green attribute sale contract of 437.6 MW with Microsoft, aiming to generate over one million units of green electricity attributes annually.

New Delhi: In a significant boost to India's renewable energy sector, ReNew has inked a green attribute sale contract of 437.6 MW with Microsoft, aiming to generate over one million units of green electricity attributes annually.

This strategic partnership underscores Microsoft's ambition to become carbon-negative by 2030 and reinforces ReNew's commitment to advancing global decarbonization efforts.

The agreement entails directing approximately US $15 million of the contract's revenue towards a community fund. This initiative will support environmental justice projects that focus on women’s livelihoods, energy access, rural electrification, and water quality improvement, particularly in communities disproportionately affected by pollution and climate change. These efforts will be implemented in collaboration with the ReNew Foundation, which is dedicated to creating sustainable communities through targeted climate action.

Puneet Chandok, President of Microsoft India & South Asia, emphasized the dual benefits of the agreement, saying, “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, highlighted the partnership's alignment with broader sustainability objectives. “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," Sinha stated. He further noted, “This agreement will help us fulfill our commitment to the communities we operate amidst and address some of the socio-economic aspects related to climate change.”

This deal is part of ReNew's broader strategy, as evidenced by the five Power Purchase Agreements (PPAs) it signed in the quarter ending June 30, 2024, which total approximately 2.2 GW. ReNew's portfolio has now expanded to 15.6 GW. In FY24, the company contributed about 10 percent of India’s total solar and wind energy generation and secured auctions to supply over 8 GW of renewable energy projects.

With additional   Letters of Awards for ~5.8 GW of projects, ReNew is poised to double its renewable energy assets to over 21 GW by FY29, solidifying its role in India's clean energy transition.