India-based decarbonization solutions provider ReNew Energy announced today that its commercial and industrial-focused platform ReNew Green has raised $95 million through a new equity investment.
The funding was led by LeapFrog Investments, which committed $50 million, with the remaining capital provided by co-investors Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest.
Nakul Zaveri, Global Co-Lead for Climate Investment Strategy at LeapFrog Investments, said:
“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.”
ReNew Green, part of ReNew Energy Global, one of India’s largest renewable energy companies, said the new investment will support the expansion of the company’s renewable energy platform, enabling it to deliver more clean electricity to corporate and industrial customers and support their decarbonization efforts.
Renew Green currently has 2.5 GW of committed capacity across India, of which 2.0 GW is already commissioned. Within this portfolio, approximately 1.3 GW is backed by long-term agreements with global technology companies including Microsoft, Amazon, and Google.
Electricity consumption from India’s commercial and industrial sector accounts for roughly 50% of the country’s total power demand, according to government data. The sector generates about 920 million tons of CO₂ equivalent emissions annually, and is expected to exceed five billion tons by 2050, according to estimates from the International Energy Agency and BloombergNEF. However, only around 7% of electricity consumed by the C&I sector currently comes from renewable sources.
Sumant Sinha, Founder, Chairman and CEO of ReNew Energy Global 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.”
