ReNew Signs 437.6 MW Green Attribute Contract with Microsoft
ReNew (NASDAQ: RNW), India's leading renewable energy company, has signed a 437.6 MW green attribute sale contract with Microsoft. This agreement, one of the largest corporate renewable energy deals in India, is expected to generate over one million units of green electricity attributes annually, supporting Microsoft's goal to be carbon-negative by 2030.
As part of the deal, ReNew will allocate approximately $15 million of revenue towards a community fund for environmental justice initiatives, focusing on women's livelihoods, rural electrification, and other community concerns. This initiative aligns with Microsoft's Environmental Justice priorities and will be implemented through ReNew Foundation.
The agreement is part of ReNew's recent signings totaling ~2.2 GW, increasing its portfolio to 15.6 GW. ReNew aims to double its renewable energy asset portfolio to over 21 GW by FY29, solidifying its role in India's clean energy transition.
ReNew (NASDAQ: RNW), la principale azienda di energia rinnovabile in India, ha firmato un contratto di vendita di attributi verdi di 437,6 MW con Microsoft. Questo accordo, uno dei più grandi contratti aziendali di energia rinnovabile in India, si prevede genererà oltre un milione di unità di attributi di elettricità verde all'anno, sostenendo l'obiettivo di Microsoft di diventare carbon-negative entro il 2030.
Come parte dell'accordo, ReNew destinerà circa 15 milioni di dollari di entrate a un fondo comunitario per iniziative di giustizia ambientale, focalizzandosi sui mezzi di sussistenza delle donne, sull'elettrificazione rurale e su altre problematiche comunitarie. Questa iniziativa è in linea con le priorità di Giustizia Ambientale di Microsoft e sarà implementata attraverso la ReNew Foundation.
L'accordo fa parte dei recenti contratti firmati da ReNew per un totale di circa 2,2 GW, aumentando il suo portafoglio a 15,6 GW. ReNew mira a raddoppiare il proprio portafoglio di asset di energia rinnovabile a oltre 21 GW entro l'anno fiscale 29, consolidando il suo ruolo nella transizione energetica pulita dell'India.
ReNew (NASDAQ: RNW), la principal empresa de energía renovable de India, ha firmado un contrato de venta de atributos verdes de 437,6 MW con Microsoft. Este acuerdo, uno de los más grandes contratos corporativos de energía renovable en India, se espera que genere más de un millón de unidades de atributos de electricidad verde anualmente, apoyando el objetivo de Microsoft de ser carbon-negative para 2030.
Como parte del acuerdo, ReNew destinará aproximadamente 15 millones de dólares de ingresos a un fondo comunitario para iniciativas de justicia ambiental, enfocándose en los medios de vida de las mujeres, la electrificación rural y otras preocupaciones comunitarias. Esta iniciativa se alinea con las prioridades de Justicia Ambiental de Microsoft y se implementará a través de la ReNew Foundation.
El acuerdo es parte de las recientes firmas de ReNew que totalizan ~2,2 GW, aumentando su cartera a 15,6 GW. ReNew tiene como objetivo duplicar su cartera de activos de energía renovable a más de 21 GW para el año fiscal 29, consolidando así su papel en la transición energética limpia de India.
ReNew (NASDAQ: RNW), 인도의 선도적인 재생 에너지 회사가 마이크로소프트와 437.6 MW의 녹색 속성 판매 계약을 체결했습니다. 이 계약은 인도에서 가장 큰 기업 재생 에너지 거래 중 하나로, 매년 백만 개 이상의 녹색 전기 속성을 생성할 것으로 예상됩니다, 이는 마이크로소프트가 2030년까지 탄소 중립 목표를 달성하는 데 도움을 줍니다.
이 계약의 일환으로 ReNew는 약 1500만 달러의 수익을 환경 정의 이니셔티브를 위한 커뮤니티 기금에 배분할 예정이며, 여성의 생계, 농촌 전력화 및 기타 지역 사회 문제에 중점을 두고 있습니다. 이 이니셔티브는 마이크로소프트의 환경 정의 우선 순위와 일치하며, ReNew Foundation을 통해 시행됩니다.
이 계약은 ReNew의 최근 계약 체결의 일환으로, 총 약 2.2 GW를 기록하며, 포트폴리오를 15.6 GW로 확대합니다. ReNew는 재생 에너지 자산 포트폴리오를 FY29까지 21 GW 이상로 두 배로 늘릴 계획이며, 이는 인도의 청정 에너지 전환에서의 역할을 확고히 합니다.
ReNew (NASDAQ: RNW), la principale entreprise d'énergie renouvelable en Inde, a signé un contrat de vente d'attributs verts de 437,6 MW avec Microsoft. Cet accord, l'un des plus grands contrats d'énergie renouvelable pour les entreprises en Inde, devrait générer plus de un million d'unités d'attributs d'électricité verte par an, soutenant l'objectif de Microsoft d'être carboneutre d'ici 2030.
Dans le cadre de l'accord, ReNew consacrera environ 15 millions de dollars de ses revenus à un fonds communautaire pour des initiatives de justice environnementale, en se concentrant sur les moyens de subsistance des femmes, l'électrification rurale et d'autres préoccupations communautaires. Cette initiative est en ligne avec les priorités de justice environnementale de Microsoft et sera mise en œuvre par la ReNew Foundation.
L'accord fait partie des récents contrats signés par ReNew, totalisant environ 2,2 GW, augmentant son portefeuille à 15,6 GW. ReNew vise à doubler son portefeuille d'actifs d'énergie renouvelable à plus de 21 GW d'ici l'exercice 29, consolidant ainsi son rôle dans la transition énergétique propre de l'Inde.
ReNew (NASDAQ: RNW), Indiens führendes Unternehmen für erneuerbare Energien, hat einen Vertrag über den Verkauf von grünen Attributen in Höhe von 437,6 MW mit Microsoft abgeschlossen. Diese Vereinbarung, eine der größten Unternehmensvereinbarungen für erneuerbare Energie in Indien, wird voraussichtlich jährlich über eine Million Einheiten grüner Stromattribute generieren, was Microsofts Ziel unterstützt, bis 2030 kohlenstoffnegativ zu sein.
Im Rahmen des Vertrags wird ReNew etwa 15 Millionen Dollar an Einnahmen an einen Gemeinschaftsfonds für Umweltgerechtigkeitsinitiativen und die Lebensgrundlagen von Frauen, ländliche Elektrifizierung und andere Gemeinschaftsanliegen investieren. Diese Initiative steht im Einklang mit Microsofts Prioritäten zur Umweltgerechtigkeit und wird über die ReNew Foundation umgesetzt.
Die Vereinbarung ist Teil von ReNews jüngsten Vertragsabschlüssen mit insgesamt ca. 2,2 GW, wodurch sein Portfolio auf 15,6 GW erhöht wird. ReNew strebt an, sein Portfolio an erneuerbaren Energieanlagen bis zum Geschäftsjahr 29 auf über 21 GW zu verdoppeln, um seine Rolle im sauberen Energüeeübergang Indiens zu festigen.
- Signed a 437.6 MW green attribute sale contract with Microsoft, one of the largest corporate renewable energy agreements in India
- Expected to generate over one million units of green electricity attributes annually
- Allocation of $15 million from contract revenue towards community fund for environmental justice initiatives
- Total portfolio increased to 15.6 GW after signing five PPAs totaling ~2.2 GW in Q2 2024
- Contributed approximately 10% of India's total solar and wind energy generation in FY24
- Won auctions to supply over 8 GW of renewable energy projects
- Received Letter of Awards for additional ~5.8 GW of renewable energy projects
- Aims to double renewable energy asset portfolio to over 21 GW by FY29
- None.
Insights
This agreement marks a significant milestone for ReNew, potentially boosting its financial outlook. The
This deal represents a win-win scenario for corporate sustainability and community development. Microsoft's commitment aligns with the growing trend of tech giants investing in renewable energy to meet ambitious carbon-negative goals. The agreement's structure, incorporating a community fund, sets a new benchmark for corporate environmental responsibility in India. It addresses important aspects of a just energy transition, focusing on women's empowerment and rural electrification. This holistic approach could serve as a model for future corporate renewable energy agreements, potentially influencing policy-making and industry standards. The scale of this agreement, being one of India's largest corporate renewable deals, may accelerate the country's shift towards clean energy, supporting its national climate commitments and potentially inspiring similar initiatives across the corporate sector.
This deal signifies a major shift in India's corporate energy landscape. The 437.6 MW agreement is substantial, potentially influencing market dynamics and encouraging other corporations to follow suit. ReNew's growing portfolio, now at 15.6 GW with plans to reach 21 GW by FY29, positions it as a key player in India's renewable sector. This rapid expansion could lead to increased competition and potentially drive down renewable energy prices in India. The company's success in recent auctions, winning over 8 GW of projects, demonstrates its competitive edge and market confidence. However, investors should monitor how ReNew manages this rapid growth, particularly in terms of project execution and maintaining profitability amidst potential market pressures and policy changes in India's evolving renewable energy landscape.
- One of the largest corporate renewable energy agreements in
- As part of the agreement, a community fund will be established to support initiatives such as rural electrification and women’s livelihoods
As part of the agreement, ReNew will direct approximately US
Puneet Chandok, President, Microsoft India &
“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
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827212497/en/
Press Enquiries
Shilpa Narani | shilpa.narani@renew.com
Investor Enquiries
Nathan Judge, Anunay Shahi, Nitin Vaid | ir@renew.com
Source: ReNew
FAQ
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