ReNew Energy Global Plc has announced that its commercial and industrial (C&I) platform, ReNew Green Energy Solutions Pvt Ltd, has secured a $95 million equity investment led by LeapFrog Investments. LeapFrog has committed $50 million, while the remaining amount will be invested by co-investors Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest.
ReNew Green operates one of India’s largest renewable energy portfolios for commercial and industrial customers, with 2.5 GW of committed capacity across multiple states. Of this, more than 2.0 GW has already been commissioned. Around 1.3 GW of the capacity is backed by long-term agreements with global technology companies including Microsoft, Amazon and Google.
The platform supplies renewable power through structured offtake agreements to clients across sectors such as automotive, chemicals, cement, textiles and technology.
Sumant Sinha, Founder, Chairman and CEO of ReNew, said the C&I sector will play a key role in India’s decarbonisation journey. “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 sustainable and inclusive way.”
Nakul Zaveri, Global Co-Lead for Climate Investment Strategy at LeapFrog Investments, said the investment aligns with the firm’s strategy of backing scalable climate solutions in emerging markets. “ReNew Green addresses a rapidly growing demand for reliable renewable energy solutions among commercial and industrial customers. We believe the platform can deliver strong commercial performance while driving meaningful emissions reductions and job creation at scale.”
According to government data, the commercial and industrial sector accounts for nearly half of India’s total electricity consumption and currently produces around 920 million tonnes of CO₂ equivalent emissions. Estimates by the International Energy Agency and BloombergNEF suggest this could exceed 5 billion tonnes by 2050. However, only about 7% of electricity used by the sector currently comes from renewable sources.
The investment will add to 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 transaction remains subject to customary conditions under the investment agreement.
