ReNew signs 437.6 MW Green Attribute contract with Microsoft

-ReNew, India’s leading renewable energy company (NASDAQ: RNW), today announced the signing of a 437.6 MW green power sales agreement with Microsoft. The agreement is expected to generate over one million units of green power annually, supporting Microsoft’s goal of being carbon negative by 2030.

This is an important milestone in ReNews’ journey to support the global decarbonization goals of governments and companies. We are very pleased with this signing as both companies share ambitions towards carbon neutrality.

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Under the agreement, ReNew will provide approximately US 15 million US dollars of the contract revenues will go to a community fund to support environmental justice initiatives focused on women’s livelihoods and economic empowerment, energy access, rural electrification, environmental remediation and water quality improvement, and other concerns of communities disproportionately affected by pollution and climate change. This work will be carried out in partnership with ReNew Foundationthe philanthropic arm of ReNew, which is committed to creating sustainable communities through climate action with a focus on women and youth and whose efforts align with Microsoft’s environmental justice priorities.

Puneet ChandokPresident, Microsoft India & South Asia Microsoft has ambitious renewable energy and decarbonization goals. This agreement with ReNew accelerates our progress toward these goals while also benefiting local communities through initiatives such as rural electrification and initiatives to improve women’s lives. We are taking a holistic approach that includes advancing our climate goals and equipping the ecosystem with the technology needed to build a more resilient future.

This is an important milestone in ReNews’ journey to support the global decarbonisation goals of governments and companies. We are very pleased with this signing as both companies share ambitions towards carbon neutrality, said Sumant SinhaFounder, Chairman and CEO of ReNew. Regarding the community development aspect of the agreement, he added, “As an organization that puts sustainability first, a just energy transition is an integral part of ReNew’s mission to create a better world. This agreement will help us fulfill our commitment to the communities in which we operate and address some of the socioeconomic aspects related to climate change.”

This is under India’s largest corporate renewable energy contracts and is part of the five PPAs that ReNew signed in the quarter ending June 30, 2024total ~2.2 GW, taking its total portfolio to 15.6 GW. In FY2024, the company contributed approximately 10 percent of India’s total solar and wind power generation and won auctions to supply over 8 GW of renewable energy projects. In addition, the award notices for an additional ~5.8 GW of renewable energy projects will enable ReNew to double its renewable energy portfolio to over 21 GW by FY2029, thereby reinforcing its position as a major player in the India’s Transition to clean energy.

About ReNew

ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy contract portfolio currently includes ~15.6 GW 15 August 2024is one of the largest in the world. It is not only a major independent power producer in Indiawe provide end-to-end solutions in an equitable and inclusive way in the areas of clean energy, value-added energy through digitalization, storage and carbon markets, which are increasingly critical to combat climate change. For more information, visit www.renew.com. Follow us on LinkedIn, Facebook, Twitter and Instagram.

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