Gurugram: LeapFrog Investments has led a $95 million equity investment in the commercial and industrial (C&I) platform of ReNew Energy Global Plc, marking a significant step in expanding renewable energy solutions for corporate customers in India.
The investment reinforces LeapFrog Investments’ climate strategy focused on supporting scalable climate solutions across emerging markets.
The funding has been secured by ReNew Green Energy Solutions Private Limited, the C&I arm of ReNew, which operates one of the largest clean energy portfolios serving corporate customers in India.
LeapFrog Investments has committed $50 million directly, while the remaining amount comes from co-investors Emerging Market Climate Action Fund and Carlyle AlpInvest.
With this investment led by LeapFrog Investments, ReNew aims to accelerate the growth of its commercial and industrial renewable energy platform.
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ReNew Green currently has 2.5 GW of committed renewable energy capacity across multiple states in India, with more than 2.0 GW already commissioned.
Within this portfolio, approximately 1.3 GW is supported by long-term agreements with major global technology companies including Microsoft, Amazon, and Google.
The platform delivers affordable and reliable renewable energy through structured offtake agreements to a diversified customer base across sectors such as automotive, chemicals, cement, textiles, and technology.
The investment aligns with the climate investment thesis of LeapFrog Investments, which focuses on backing scalable climate businesses capable of accelerating decarbonization while fostering inclusive economic growth.
Through its climate strategy, LeapFrog Investments targets companies that enable the “green leap,” allowing emerging economies to transition directly to low-carbon infrastructure in commercially competitive and job-creating ways.
LeapFrog Investments: Climate Strategy Backing High-Growth, Scalable Businesses
Sumant Sinha, Founder, Chairman and CEO of ReNew, 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 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.”
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Electricity consumption from India’s commercial and industrial sector accounts for approximately 50% of the country’s total power consumption, according to government data.
The sector currently generates around 920 million tonnes of carbon dioxide equivalent (tCO₂e) annually and could exceed 5 billion tCO₂e by 2050, based on estimates from International Energy Agency and BloombergNEF.
At present, only 7% of electricity consumed by the C&I sector comes from renewable sources, according to the Central Electricity Authority of India.
This gap highlights a significant opportunity for renewable energy providers to scale cost-competitive solutions that reduce emissions while enhancing industrial competitiveness.
The investment consortium led by LeapFrog Investments will join ReNew’s existing institutional investor base, which includes Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and British International Investment across the company’s businesses.
During the holding period, LeapFrog Investments will apply its proprietary impact measurement framework to track key outcomes, including emissions avoided, jobs created, and adherence to enterprise-level governance and sustainability standards.
The completion of the investment remains subject to customary conditions in accordance with the transaction agreement.
