ReNew Energy Global Plc has raised $95 million in equity from a consortium led by LeapFrog Investments, with co‑investors Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest. The capital will be deployed to scale the company’s Commercial & Industrial (C&I) solar platform, which serves data‑center, industrial, and commercial customers across India.
ReNew Green, the company’s C&I arm, currently manages 2.5 GW of committed capacity and more than 2.0 GW of commissioned projects. About 1.3 GW of that capacity is under long‑term agreements with Microsoft, Amazon and Google. The new equity will accelerate project development, expand sales and service capabilities, and capture the growing demand for renewable power in the commercial and industrial sectors.
The investment aligns with ReNew’s strategy to broaden its market reach beyond its core independent power producer and manufacturing businesses. By strengthening the C&I segment, the company aims to provide more clean electricity to corporate clients, support their decarbonization efforts, and reinforce its position as a vertically integrated renewable energy platform. The equity raise also strengthens the balance sheet and provides working capital without increasing debt.
Sumant Sinha, Founder, Chairman & CEO, 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 at LeapFrog, added: “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.”
India’s commercial and industrial sector accounts for roughly 50 % of the country’s electricity consumption, yet only about 7 % of that consumption comes from renewable sources. The green discount and structural tailwinds create a favorable environment for renewable projects, making the C&I market a high‑growth opportunity for companies like ReNew.
With the new equity, ReNew is positioned to accelerate its expansion in a sector that is central to India’s decarbonization goals, while reinforcing its financial foundation and expanding its customer base across the country.
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