ReNew inks 438-MW green attribute deal with Microsoft in India

Indian renewable energy firm ReNew Energy Global Plc (NASDAQ:RNW) has inked a 437.6-MW green attribute sale contract with Microsoft Corp (NASDAQ:MSFT) as part of the US technology giant’s ambition to become carbon-negative by 2030.

The deal will generate over one million kWh of green electricity attributes annually and is described as one of India's largest corporate renewable agreements. It is part of the five power off-take deals signed by ReNew during the second quarter of 2024, totalling about 2.2 GW, a press statement said today.

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ReNew has committed to allocating about USD 15 million (EUR 13.4m) of the revenue from the Microsoft contract for 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, among other initiatives.

(USD 1 = EUR 0.896)