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.
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Counterparts (5)
Investor
LeapFrog Investments
company
London-based private equity firm LeapFrog Investments focuses on impact investing in emerging markets, primarily in financial services, healthcare, and consumer sectors. Managing over $2.5 billion in assets, the firm invests in companies that serve underserved populations, including distributed solar energy providers.
T
The Emerging Market Climate Action Fund
company
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.
C
Carlyle AlpInvest
company
AlpInvest, a subsidiary of The Carlyle Group, is a global private equity investor managing over $80 billion in assets. It focuses on primary fund investments, secondary purchases, and co-investments across private equity, private credit, and infrastructure globally.
Deal Analysis
ReNew Green has secured a $95 million equity investment to significantly expand its commercial and industrial (C&I) clean energy operations across India. LeapFrog Investments committed $50 million directly, with additional capital coming from Emerging Market Climate Action Fund and Carlyle AlpInvest. This funding will bolster ReNew Green's existing portfolio, which already includes 2.5 GW of committed capacity for C&I customers, making it one of India's largest. The new investors join an impressive roster of existing institutional shareholders, including Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, signaling continued confidence in India's industrial decarbonization efforts.
- $95 million equity injection for ReNew Green.
- LeapFrog Investments led with a $50 million direct commitment.
- Supports one of India's largest C&I renewable portfolios, with 2.5 GW committed capacity.
- New investors join existing institutional shareholders including CPPIB and ADIA.
Source Intelligence
KEY DETAILS
ReNew Green is part of ReNew Energy Global. Quote: "ReNew Green, part of ReNew Energy Global"
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Deal Size
ReNew Green receives $95 million
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Financials
$95 million equity investment
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Announcement
16 March 2026
PARTIES MENTIONED IN SOURCE
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ReNew Green
developer
"ReNew Green, part of ReNew Energy Global, has secured a $95 million equity investment"
low quality
Enriched Mar 16, 2026
Global Infrastructure Sherpa