ReNew’s C&I arm raises USD 95 million equity

ReNew Green Energy Solutions, the commercial and industrial (C&I) clean energy arm of ReNew Energy Global, has raised USD 95 million in an equity funding round. The transaction was led by LeapFrog Investments with a USD 50 million commitment, while the remaining capital was provided by Emerging Market Climate Action Fund and Carlyle AlpInvest.

Portfolio and customers
ReNew Green operates a 2.5 GW clean energy portfolio serving corporate and industrial consumers across multiple states, with over 2 GW already commissioned. Around 1.3 GW is contracted under long-term agreements with technology companies including Microsoft, Amazon, and Google. Its broader customer base includes sectors such as automotive, chemicals, cement, and textiles.

Market context
The fundraise reflects rising investor interest in India’s C&I renewable energy segment. Commercial and industrial consumers account for about half of India’s electricity demand but source only around 7% from renewable energy, based on Central Electricity Authority (CEA) data. The segment currently contributes roughly 920 million tonnes of carbon dioxide (CO2) equivalent emissions annually, with the potential to increase without changes in energy sourcing.

Investor rationale
LeapFrog Investments’ participation aligns with its strategy of investing in renewable platforms in emerging markets where clean energy is cost-competitive with conventional grid supply. ReNew Energy Global’s existing investors include Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA), and British International Investment.

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