Christian Horner, Red Bull Racing Team Principal, said: "We are delighted to extend our partnership which has proved very successful over time. After the reconstruction that Renault has undertaken, clear progress has been made which has made it logical to continue with the TAG Heuer badged engine."
Jerome Stoll, President of Renault Sport Racing, added: "We are very pleased to partner with two such strong teams as Red Bull Racing and Scuderia Toro Rosso. Having competitive partners demonstrates the confidence both have in the improved Renault power unit and in our organisation as a whole."
Over the period both Red Bull Racing and Toro Rosso will receive the French manufacturer's latest hybrid power unit, and have the opportunity to badge the power units as they wish.
Renault's partnership with Red Bull is set to become one of the longest and most successful chassis-engine partnerships in Formula One racing. The pair first teamed up in 2007 and have since won four constructors’ and drivers’ championships and 51 wins.
Toro Rosso and Renault previously partnered in 2014 and 2015.