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ReNew Energy Global Plc (NASDAQ:RNW) on Tuesday inked a green attribute sale contract of 437.6 MW with Microsoft Corporation (NASDAQ:MSFT).
This contract is anticipated to produce over one million units of green electricity attributes each year, supporting Microsoft’s goal to achieve carbon negativity by 2030.
Under the agreement, ReNew will allocate around $15 million of the contract’s revenue to a community fund dedicated to environmental justice initiatives.
“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,” said Puneet Chandok, President, Microsoft India & South Asia.
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This fund will support various efforts, including enhancing women’s livelihoods and economic empowerment, improving energy access and rural electrification, advancing environmental remediation and water quality, and addressing other challenges faced by communities disproportionately affected by pollution and climate change.
This initiative will be carried out in collaboration with the ReNew Foundation, ReNew’s philanthropic arm, which focuses on creating sustainable communities through climate action with an emphasis on women and youth, and aligns with Microsoft’s Environmental Justice priorities.
“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,” said Sumant Sinha, Founder, Chairman, and Chief Executive Officer of ReNew.
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Price Action: RNW shares are trading lower by 0.09% to$5.685 at last check Tuesday.
Photo via Shutterstock
