ReNew, Microsoft sign 437.6-MW clean power sale agreement

The leading Nasdaq-listed provider of decarbonization solutions is ReNew (Nasdaq: RNW). ReNew has one of the largest clean energy portfolios in the world, with a gross portfolio of about 15.6 GW as of May 9, 2024. We are not only one of India’s largest independent power producers, but we also offer comprehensive solutions in the fair and inclusive markets for carbon, digitalization, clean energy, green hydrogen, and value-added energy offerings. All of these areas are becoming more and more important in the fight against climate change.

ReNew signed an agreement with Microsoft: 

New Delhi, India, August 27, 2024: ReNew, the top renewable energy company in India (NASDAQ: RNW), and Microsoft signed a 437.6 MW green attribute sale contract yesterday. Microsoft hopes to become carbon-negative by 2030, and this contract is expected to produce more than a million units of green electricity attributes per year.

In order to support environmental justice initiatives that prioritize women’s economic empowerment and well-being, energy access, electrification of rural areas, environmental remediation, improved water quality, and other issues that affect communities that are disproportionately affected by pollution and climate change, ReNew has committed to allocating approximately $15 million of its contract revenue to a community fund. This work will be done in partnership with ReNew Foundation, the charitable arm of ReNew, whose goals align with Microsoft’s environmental justice priorities and concentrate on women and youth while attempting to create sustainable communities through climate action.

Microsoft India & South Asia President Mr. Puneet Chandok made the following statement:

“Microsoft has ambitious renewable energy and decarbonization goals,” stated Puneet Chandok, President, Microsoft India & South Asia. Through projects like rural electrification and efforts to improve women’s livelihoods, this agreement with ReNew benefits local communities while accelerating our progress towards these goals. Our comprehensive strategy involves advancing our climate objectives and equipping the ecosystem with the necessary technology to create a more resilient future.”

“This marks a critical turning point in ReNew’s efforts to assist governments and businesses worldwide in their decarbonization objectives. As both businesses strive to become carbon neutral, we are excited about this signing,” ReNew’s founder, chairman, and chief executive officer, Sumant Sinha, stated. As an organization that prioritizes sustainability, he went on, “A just energy transition is integral to ReNew’s mission of creating a better world.” He was referring to the agreement’s community development section. This agreement will address some of the socioeconomic issues associated with climate change and help us live up to our commitment to the communities in which we operate.”

Part of the five PPAs ReNew signed during the quarter ended June 30, 2024, totaling approximately 2.2 GW, brings its total portfolio to 15.6 GW; this is one of the biggest corporate renewable agreements in India. The company supplied around 10% of India’s total solar and wind energy generation in FY24, and it also won contracts to supply renewable energy projects totaling more than 8 GW. Furthermore, ReNew will double its renewable energy asset portfolio to over 21 GW by FY29 thanks to the Letter of Awards it received for an additional ~5.8 GW of renewable energy projects, solidifying its position as a key player in India’s clean energy transition.

Conclusion: By 2030, Microsoft aims to achieve carbon neutrality by relying on clean energy sources, for which they have signed an agreement with ReNew.

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