27 August 2024
ReNew
August 27, 2024, New
Delhi, India: ReNew, India’s leading
renewable energy company (NASDAQ: RNW), has today announced the signing of a 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.
As part of the
agreement, ReNew will direct approximately US $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.
About
ReNew
ReNew
is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW,
RNWWW). ReNew's clean energy contracted portfolio of ~15.6 GW as of Aug 15,
2024, is one of the largest globally. In addition to being a major independent
power producer in India, we provide end-to-end solutions in a just and
inclusive manner in the areas of clean energy, value-added energy offerings
through digitalization, storage, and carbon markets that increasingly are
integral to addressing climate change.
For more information, visit www.renew.com and
follow us on LinkedIn, Facebook, Twitter and Instagram.
Press
Enquiries
Shilpa Narani | shilpa.narani@renew.com
Investor
Enquiries
Nathan Judge, Anunay Shahi, Nitin Vaid | ir@renew.com
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