ReNew has signed a 438MW corporate renewables supply contract with Microsoft in India.
This is amongst India’s largest corporate renewable agreements and is part of the five power purchase agreements (PPAs) signed by ReNew during the quarter ended 30 June 2024, totalling 2.2GW, taking its total portfolio to 15.6GW.
As part of the agreement, ReNew will direct approximately $15m 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.
This 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.
In FY24, the ReNew contributed approximately 10% of India’s total solar and wind energy generation and won auctions to supply over 8GW of renewable energy projects.
Furthermore, the Letter of Awards for an additional 5.8GW of renewable energy projects received by ReNew will enable a doubling of its renewable energy asset portfolio to over 21GW by FY29.
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.
“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 Chief Executive Officer of ReNew, added: “This is a significant milestone in ReNew’s journey to support the global decarbonisation goals of governments and corporates.
“We are thrilled with this signing, as both companies have shared ambitions towards carbon neutrality.
“As a sustainability-first organisation, 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.”