Augment Infrastructure invests Rs 1,650 crore in CleanMax

Founded in 2011, CleanMax provides solar and wind power to corporates and institutional clients. (Representative image)

Renewable energy company CleanMax on August 12 said US-based Augment Infrastructure has invested Rs 1,650 crore to acquire a majority stake in the company.

"This would involve a purchase of the stake held by Yellow Bell Investment Ltd (an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing) and International Finance Corporation (IFC) in CleanMax along with an investment of primary capital in the Company to fund its growth pipeline," CleanMax said in a statement.

UK Climate Investments (UKCI) will continue to be an investor and a member of the board, the company said.

CleanMax will use the equity investment to boost growth in the commercial and industrial (C&I) renewable energy space in India, Middle East and southeast Asia.

Rothschild & Co advised the company and shareholders on the transaction.

Kuldeep Jain, founder and Managing Director of CleanMax commented on the exit of Warburg pincus and IFC.

"We continue to value our relationship with Warburg Pincus and IFC, who reposed trust in the management team and the business model in the initial days of CleanMax's growth. We are happy to note that both global investors will secure an exit, which is always a responsibility of the management team to deliver upon. I am also delighted to note that over 150 CleanMax colleagues, present and past, are securing a part exit on their ESOPs," said Jain.

Founded in 2011, CleanMax provides solar and wind power to corporates and institutional clients. The company said it has commissioned more than 600 projects for over 150 corporates, resulting in an operational capacity of over 750 MW across India, UAE, and Thailand.