Renewable energy firm CleanMax raises $360 million from Brookfield

Through this investment, Brookfield Renewable will have a controlling stake in CleanMax, and will work with existing shareholders and management to drive the platform’s growth in the commercial and industrial (C&I) segment in India. (Representative Image)

CleanMax Enviro Energy Solutions Pvt. Ltd., a Mumbai-based renewable energy company, today announced that it has closed an equity fund raise from Brookfield Renewable, through the Brookfield Global Transition Fund (‘BGTF’).

This funding of about $360 million, which is a mix of primary and secondary, will enable CleanMax to pursue its growth plans of becoming a >5 GW platform over the next three to four years, the company said in a press release. Through this investment, Brookfield Renewable will have a controlling stake in CleanMax, and will work with existing shareholders and management to drive the platform’s growth in the commercial and industrial (C&I) segment in India.

Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield added, “CleanMax has a proven track record of being an efficient partner to C&I customers, enabling them to achieve their decarbonization targets. We are pleased to partner with CleanMax as they chart the next stage of their growth and look forward to supporting the company by leveraging Brookfield’s global relationships, access to capital and operational
expertise.”

Kuldeep Jain, Founder & MD CleanMax said, “This will see us have adequate growth capital for at least the next 3-4 years. With a large capital pool available from Brookfield, the company expects to maintain its market leadership in C&I, and to be able to add about 800-1000 MW annually to its C&I portfolio. As exhibited historically, the company shall continue to invest in high return projects, partner with quality customers, and deliver on-time and competitive cost execution of large projects, and shall endeavor to grow its C&I footprint further in India and outside.”

Along with active participation from Brookfield, the company is also looking to explore additional growth avenues in the corporate renewable energy space and to assess and pursue other drivers for value creation.

CleanMax offsets 2.5 million tons of CO2 equivalent per annum through 1.6 GW of clean energy generation capacity including on books and third-party CAPEX sales capacities. CleanMax helps power sustainability for 350+ clients through 3076 GWh clean energy generation, sufficient to power 855,000 households.