ReNew’s commercial and industrial arm, ReNew Green Energy Solutions Private Limited, has secured an equity investment of $95 million. The funding round was led by LeapFrog Investments, which has committed $50 million. The remaining amount has been contributed by co-investors Emerging Market Climate Action Fund and Carlyle AlpInvest.
The consortium investors will join ReNew’s existing base of institutional investors. Furthermore, LeapFrog will deploy its proprietary impact measurement framework during the holding period. It will assess metrics such as emissions avoided, jobs created, and adherence to enterprise-level governance and sustainability practices. Additionally, the transaction remains subject to customary conditions as outlined in the agreement.
Earlier in December 2025, ReNew inked a long-term agreement with Google for the development of a new 150 MW solar project in Rajasthan.
