ReNew Energy Global Pic (ReNew) has announced that its commercial and industrial platform, ReNew Green Energy Solutions (ReNew Green) has secured USD 95 million equity investment. The investment is led by LeapFrog Investments, which has directly committed USD 50 million, with the balance from co-investors Emerging Market Climate Action Fund (EMCAF) and Carlyle Alpinvest.
ReNew Green has a clean energy portfolio of about 2.5 GW of committed capacity across multiple states, for commercial and industrial (C&I) customers. Of this, over 2 GW is already commissioned, the company stated.
It further added that within this, about 1.3 GW has long-term agreements with global technology leaders such as Microsoft, Amazon, and Google. ReNew Green delivers affordable, reliable renewable power through structured offtake agreements to a diversified customer base spanning automotive, chemicals, cement, textiles, and technology, serving both global and domestic leaders, the company stated.
Commenting on the equity investment, Sumant Sinha, Founder, Chairman and CEO, ReNew, said, “The C&I industry will be central to India’s decarbonisation 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 from India’s C&I sector is about 50 percent of the country’s total consumption, according to government data. Currently, the sector accounts for about 920 million tCO2e, and by 2050, this figure is set to grow to more than about 5 billion tCO2e as per estimates by IEA and BNEF, Only 7 percent of electricity consumed by the C&l sector currently comes from renewable sources (Central Electricity Authority of India data). This gap presents a significant opportunity to scale cost-competitive renewable solutions that reduce emissions while strengthening industrial competitiveness, ReNew stated.
Investors in the consortium will join ReNew’s existing institutional investor base, which includes Canadian Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and British International Investment (BII) across ReNew’s businesses.
LeapFrog will apply its proprietary impact measurement framework over the holding period, analysing dimensions such as emissions avoided, jobs created and enforcement of enterprise-level governance and sustainability practices, it said.
