ReNew, a leading renewable energy company in India, has entered into an agreement with tech giant Microsoft to supply 437.6 MW of green electricity attributes annually. This agreement is one of the largest corporate renewable deals in India and supports Microsoft’s goal to become carbon-negative by 2030.
Under the agreement, ReNew will produce over one million units of green electricity attributes each year. As part of the deal, ReNew has pledged to allocate approximately $15 million in revenue to a community fund. This fund will support environmental justice initiatives focused on enhancing women’s livelihoods, economic empowerment, rural electrification, energy access, and water quality improvement in communities that are disproportionately affected by pollution and climate change.
These initiatives will be implemented in partnership with ReNew Foundation, ReNew’s philanthropic arm, which is dedicated to promoting sustainable communities through climate action, particularly targeting women and youth.
This deal with Microsoft is part of ReNew’s broader strategy, which included signing Power Purchase Agreements (PPAs) totalling approximately 2.2 gigawatts (GW) in the quarter ending June 30, 2024. These agreements increase ReNew’s total portfolio to 15.6 GW. In fiscal year 2024, ReNew accounted for about 10% of India’s solar and wind energy generation and secured contracts for over 8 GW of renewable energy. With additional Letters of Award for around 5.8 GW of projects, ReNew aims to expand its renewable energy asset portfolio to over 21 GW by fiscal year 2029, solidifying its leadership in India’s clean energy transition.