ReNew Energy Global announced that its commercial and industrial renewable energy platform, ReNew Green Energy Solutions Private Limited, has secured a $95 million equity investment led by LeapFrog Investments. The financing will support the expansion of the company’s commercial and industrial clean energy offerings across India.
LeapFrog Investments committed $50 million as the lead investor in the round, with the remaining capital coming from co-investors Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest. The investment reflects growing demand for renewable power among commercial and industrial customers seeking reliable and cost-competitive decarbonization solutions.
ReNew Green currently operates one of the largest clean energy portfolios dedicated to commercial and industrial customers in India. The platform has 2.5 GW of committed capacity across multiple states, with more than 2.0 GW already commissioned. Approximately 1.3 GW of the portfolio is supported by long-term power agreements with global technology companies, including Microsoft, Amazon, and Google.
The company delivers renewable power through structured offtake agreements to a broad range of industries, including automotive, chemicals, cement, textiles, and technology. By providing fixed-price renewable electricity, the platform helps corporate customers reduce emissions while improving energy cost predictability.
The investment comes as demand for clean power in India’s commercial and industrial sector continues to accelerate. The sector accounts for roughly half of the country’s electricity consumption and currently generates about 920 million tonnes of carbon dioxide equivalent emissions. That figure is expected to grow significantly by 2050 as industrial demand expands.
Despite the sector’s scale, only about 7 percent of its electricity consumption currently comes from renewable sources. This gap represents a significant opportunity for companies like ReNew to scale renewable solutions that lower emissions while strengthening industrial competitiveness.
ReNew Energy Global, listed on Nasdaq under the ticker RNW, operates one of the world’s largest clean energy portfolios with approximately 19.2 GW of capacity, including 1.5 GW of battery energy storage. Beyond power generation, the company provides integrated decarbonization solutions, including digital energy services, storage systems, and carbon market participation.
The company also maintains solar manufacturing operations with 6.5 GW of solar module capacity and 2.5 GW of solar cell capacity, and is expanding its solar cell manufacturing capabilities by an additional 4 GW.
The investment consortium will join ReNew’s existing institutional investor base, which includes the Canadian Pension Plan Investment Board, Abu Dhabi Investment Authority, and British International Investment.
Completion of the investment remains subject to the terms and conditions outlined in the transaction agreement.
KEY QUOTES:
“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.”
Sumant Sinha, Founder, Chairman & CEO, ReNew Energy Global Plc
“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.”
Nakul Zaveri, Global Co-Lead For Climate Investment Strategy, LeapFrog Investments
