ReNew has secured a 438MW corporate Renewable Energy supply contract with Microsoft in India.
The contract is one of the country's largest corporate renewable agreements.
Microsoft India and South Asia president Puneet Chandok stated: “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.”
The deal is part of the five power purchase agreements (PPAs), which ReNew signed in the quarter ending 30 June 2024, with a combined capacity of 2.2GW, increasing its total portfolio to 15.6GW.
ReNew has also agreed to allocate $15m of revenue from the contract towards a community fund.
This fund will focus on environmental justice initiatives to improve women’s livelihoods and economic empowerment, and develop energy access and rural electrification.
It will also address environmental remediation and water quality, and address the concerns of communities disproportionately affected by pollution and climate change.
ReNew Foundation, the philanthropic arm of ReNew, will collaborate on this initiative.
The foundation is dedicated to creating sustainable communities through climate action, with a particular emphasis on supporting women and youth.
Its work aligns with Microsoft’s environmental justice priorities, ensuring a partnership with shared values and objectives.
In the fiscal year 2024, ReNew's contributed 10% of India’s total solar and wind energy generation.
The company secured auctions to supply 8GW of renewable energy projects.
ReNew has received Letters of Awards for an additional 5.8GW of renewable energy projects, which will potentially double its renewable energy asset portfolio to more than 21GW by the fiscal year 2029.
ReNew founder, chairman and CEO Sumant Sinha stated: “This is a significant milestone in ReNew’s journey to support the global decarbonisation goals of governments and corporates.
“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.”
In August 2024, Pivot Energy entered into a five-year framework agreement with Microsoft to develop up to 500MWac [megawatts alternating current] of community-scale solar projects across the US from 2025 to 2029.
