ReNew Green secures $95 million equity investment to expand C&I clean energy business in India

ReNew Green, a subsidiary of ReNew Energy Global, secured a $95 million equity investment to expand its commercial and industrial (C&I) clean energy business in India. LeapFrog Investments committed $50 million directly, with the remaining capital coming from co-investors Emerging Market Climate Action Fund and Carlyle AlpInvest. This investment will support ReNew Green's operations, which include one of India’s largest renewable energy portfolios for C&I customers, with 2.5 GW of committed capacity. The partnership aims to scale solutions that reduce emissions, strengthen energy security, and support India’s industrial growth sustainably. The new investors will join ReNew's existing institutional shareholders, including Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and British International Investment.

Counterparts (3)

borrower

ReNew Green

company · 1 deals

Gurugram-based renewable energy developer and independent power producer with over 15.6 GW of operational, under construction, and awarded capacity across India. Focuses on utility-scale solar, wind, and hybrid projects, with emerging interests in battery storage and green hydrogen.

parent_company

ReNew Energy Global

company · 1 deals

Investor

The Emerging Market Climate Action Fund

company · 1 deals

The Emerging Market Climate Action Fund (EMCAF) is a blended finance fund-of-funds managed by Allianz Global Investors, targeting €500 million for climate action infrastructure in emerging markets across Africa, Asia, and Latin America. It invests in other climate funds focused on renewable energy, energy efficiency, and sustainable infrastructure.