ReNew Signs Green Attribute Sale Contract of 437.6 MW with Microsoft
This contract is expected to generate over one million units of green electricity attributes annually, contributing to Microsoft’s ambition to be carbon-negative by 2030.
August 28, 2024. By News Bureau
As part of the agreement, ReNew will direct approximately USD 15 million 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.
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."
“This is a significant milestone in ReNew’s journey to support the global decarbonization goals of governments and corporates. We are thrilled with this signing, as both companies have shared ambitions towards carbon neutrality,” said Sumant Sinha, Founder, Chairman, and Chief Executive Officer of ReNew. Referring to the community development aspect of the agreement, he added, “As a sustainability-first organization, 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.”
This is amongst India's largest corporate renewable agreements and is part of the five PPAs signed by ReNew during quarter ended June 30, 2024, totaling ~2.2 GW, taking its total portfolio to 15.6 GW. In FY24, the Company contributed approximately 10 per cent of India’s total solar and wind energy generation and won auctions to supply over 8 GW of renewable energy projects.
Further, the Letter of Awards for an additional ~5.8 GW of renewable energy projects received by ReNew will enable a doubling of its renewable energy asset portfolio to over 21 GW by FY29, consolidating its position as a major player in India's clean energy transition.
please contact: contact@energetica-india.net.
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