ReNew Energy Global Plc Secures $95 Million From Leapfrog Investments-Led Consortium To Scale C&I Clean Energy Platform

ReNew Energy Global Plc has secured a $95 million equity investment for its commercial and industrial (C&I) platform, ReNew Green Energy Solutions Private Limited. The funding round is led by LeapFrog Investments, which has committed $50 million, with the remaining amount coming from co-investors Emerging Market Climate Action Fund and Carlyle AlpInvest. The investment will support the expansion of ReNew’s clean energy solutions for corporate customers in India.

ReNew Green currently operates one of the largest clean energy portfolios for C&I customers in India, with a total committed capacity of about 2.5 GW across multiple states. Of this, more than 2.0 GW is already operational. Around 1.3 GW is tied to long-term agreements with global technology companies such as Microsoft, Amazon, and Google. The company provides renewable energy through structured offtake agreements to industries including automotive, cement, chemicals, textiles, and technology.

The investment reflects LeapFrog’s strategy of supporting scalable climate solutions in emerging markets. The firm focuses on enabling economies to transition directly to low-carbon infrastructure while ensuring commercial viability, job creation, and measurable environmental impact. This approach aligns with the increasing demand for sustainable energy solutions among industrial and commercial consumers.

Sumant Sinha, Founder, Chairman, and CEO of ReNew, said the C&I segment will play a crucial role in India’s decarbonization journey. He noted that the partnership would strengthen the company’s ability to deliver reliable and cost-effective renewable power while supporting industrial growth and energy security.

Nakul Zaveri of LeapFrog Investments highlighted that the investment supports high-growth businesses that can accelerate the shift to cleaner energy systems. He emphasized that ReNew Green is well-positioned to meet rising demand for renewable energy in the C&I sector while delivering strong financial performance and environmental benefits.

India’s C&I sector accounts for nearly 50 percent of the country’s total electricity consumption. Currently, only about 7 percent of this demand is met through renewable energy sources. The sector generates approximately 920 million tonnes of carbon emissions annually, which is expected to increase significantly by 2050. This gap presents a strong opportunity for expanding renewable energy adoption.

The new investors will join ReNew’s existing institutional backers, including Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and British International Investment. LeapFrog will also apply its impact measurement framework to track emissions reduction, job creation, and sustainability outcomes.

The completion of the transaction remains subject to customary conditions outlined in the agreement.