Microsoft has signed a green attribute sale contract of 437.6 MW with ReNew, an Indian renewable energy company. This agreement is expected to produce over one million units of green electricity annually, supporting Microsoft’s goal to achieve carbon negativity by 2030. This deal is among the largest corporate renewable agreements in India.
Under the contract, ReNew will allocate approximately $15 million of the revenue to a community fund. This fund will support environmental justice projects focusing on women’s economic empowerment, energy access, rural electrification, environmental remediation, and water quality improvement, particularly in communities heavily affected by pollution and climate change. These initiatives will be carried out in partnership with ReNew Foundation, the company’s philanthropic arm, which aligns with Microsoft’s Environmental Justice priorities.
Puneet Chandok, President, Microsoft India & South Asia said, “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.”
“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.”
The deal is a part of five Power Purchase Agreements (PPAs) signed by ReNew for the quarter ending June 30, 2024, totaling approximately 2.2 GW. With this addition, ReNew’s total portfolio reaches 15.6 GW.