ReNew Signs 437.6 MW Green Energy Contract With Microsoft

Renewable energy company ReNew has secured a green attribute sale contract with tech giant Microsoft. The agreement will cover 437.6 MW of renewable energy and is one of the largest corporate renewable energy deals in India. 

The contract is expected to generate over one million units of green electricity attributes annually, contributing to Microsoft’s goal of becoming carbon-negative by 2030.

Beyond the immediate environmental impact, the agreement also has a strong social component. ReNew has committed approximately USD 15 million of the contract’s revenue to establish a community fund aimed at supporting initiatives that benefit communities disproportionately affected by climate change and pollution. The fund will focus on various critical areas, including rural electrification, women’s livelihoods, economic empowerment, environmental remediation, and water quality improvement. These efforts will be spearheaded by the ReNew Foundation, the philanthropic arm of ReNew, in alignment with Microsoft’s Environmental Justice priorities.

In a statement, Puneet Chandok, President, Microsoft India & South Asia said, “Microsoft has ambitious renewable energy and decarbonisation 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.”

This contract is part of a broader series of Power Purchase Agreements (PPAs) signed by ReNew in the quarter ending June 2024, amounting to approximately 2.2 GW. These developments bring ReNew's total portfolio to 15.6 GW, with plans to expand its renewable energy assets to over 21 GW by FY29.