ReNew Secures $95 Mn Equity Funding from LeapFrog Investments

Clean energy company ReNew on Monday announced that it has secured $95 million equity investment from a consortium led by LeapFrog Investments.

The company will utilise the proceeds to expand its commercial and industrial platform, ReNew said in a statement..

The investment is led by LeapFrog Investments, which has directly committed $50 million, with the balance from co-investors Emerging Market Climate Action Fund and Carlyle AlpInvest.

Investors in the consortium will join ReNew's existing institutional investor base, which includes Canadian Pension Plan Investment Board, Abu Dhabi Investment Authority (ADIA) and British International Investment 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.

ReNew Green has one of the largest clean energy portfolios for commercial and industrial (C&I) customers, with 2.5 GW of committed capacity across multiple states.

Of this, over 2.0 GW is already commissioned. Within this, 1.3 GW has long-term agreements with global technology leaders such as Microsoft, Amazon, and Google.

Sumant Sinha, Founder, Chairman & CEO, 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.

He further said that the partnership will help ReNew scale solutions that reduce emissions, strengthen energy security, and support India’s industrial growth in a way that is both sustainable and inclusive.

Citing official data, ReNew said electricity consumption from India’s C&I sector is 50% of the country's total consumption, and the figure is expected to grow significantly in the years to come.