ReNew Energy Global Plc has announced that its commercial and industrial platform, ReNew Green Energy Solutions Private Limited has secured an equity investment of $95 million. The funding round is led by LeapFrog Investments, which has committed $50 million, with additional participation from co-investors Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest.
ReNew Green operates one of India’s larger renewable energy portfolios catering to commercial and industrial (C&I) customers, with a total committed capacity of 2.5 GW across multiple states. Of this, more than 2.0 GW is already commissioned. Approximately 1.3 GW of capacity is tied to long-term agreements with global technology companies such as Microsoft, Amazon, and Google. The platform provides renewable power through structured offtake arrangements to a diversified customer base across sectors including automotive, chemicals, cement, textiles, and technology.
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The investment aligns with LeapFrog Investments’ climate investment strategy, which focuses on supporting scalable solutions in emerging markets that contribute to decarbonization while promoting inclusive economic growth. The firm’s approach emphasizes backing businesses that enable a transition to low-carbon infrastructure in a commercially viable manner, with measurable environmental and social impact, including job creation.
Sumant Sinha, Founder, Chairman & CEO, ReNew said, “The C&I industry will be central to India’s decarbonization journey, and with investors like LeapFrog, we can deepen our ability to provide reliable, cost‑competitive renewable power to leading businesses across sectors. This partnership helps us scale solutions that reduce emissions, strengthen energy security, and support India’s industrial growth in a way that is both sustainable and inclusive.”
Nakul Zaveri, Global Co-Lead for Climate Investment Strategy, LeapFrog Investments said, “This investment exemplifies LeapFrog’s climate strategy of backing high-growth, scalable businesses that enable emerging markets to leapfrog to cleaner, more resilient energy systems. ReNew Green addresses a clear and rapidly growing demand for reliable renewable energy solutions among commercial and industrial customers, underpinned by structural tailwinds and a sustained green discount compared to grid tariffs. We believe this platform can deliver strong commercial performance while driving meaningful emissions reduction and job creation at scale.”
Electricity consumption by India’s commercial and industrial (C&I) sector accounts for nearly 50% of the country’s total usage, according to government data. The company framed the investment as timely capital to capture rising corporate demand for renewable power and to expand its portfolio of long-term offtake contracts.
The partnership underscores the growing potential of climate-focused investments in emerging markets to deliver both financial returns and measurable environmental and social impact. The consortium will join ReNew Energy Global Plc’s existing group of institutional investors, which includes Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and British International Investment across its businesses.
LeapFrog will apply its proprietary impact measurement framework over the holding period, analyzing dimensions such as emissions avoided, jobs created and enforcement of enterprise-level governance and sustainability practices.
Completion of the investment is subject to conditions in accordance with the transaction agreement.
