MC EXCLUSIVE Temasek led consortium in talks for Rs 1,500 cr pre-IPO round in Clean Max Enviro Energy

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• Temasek-led group may invest Rs 1,500 cr in Clean Max Enviro pre-IPO round.
• Bain Capital, 360 ONE, and Steadview Capital may join Temasek in the investment
• Clean Max is India's top C&I renewable energy provider with 2.54 GW capacity.

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A consortium led by Singapore investment giant Temasek has held advanced talks to participate in a pre-IPO round and invest a total of around Rs 1,500 crore in Clean Max Enviro Energy Solutions, multiple industry sources in the know told Moneycontrol. The IPO-bound renewable energy firm is backed by Brookfield Asset Management which holds around 42 per cent stake as per the draft papers.

“There is rising interest in the commercial and industrial (C&I) part of the renewable energy segment which has attracted interest from many global investors who have placed bets earlier. Clean Max Enviro Energy Solutions is the largest pure-play firm in this space so this is a great opportunity,” said one of the persons above.

A second person added, “Temasek plans to pump in a lion’s share as part of this pre-IPO round.”

Bain Capital, 360 ONE and Steadview Capital are the other key co-investors who are in talks to join Temasek for this proposed deal, according to two other persons.

“It is likely that these pre-IPO investors may also participate later in the IPO. With the pre-IPO round at around Rs 1,500 crore and the proposed revised IPO issue size around Rs 3,000 crore, a total capital raise of Rs 4,500 crore is on the cards and a launch is likely in late February or early March,” a fifth person said.

If this transaction goes through, it would arguably be Temasek’s first direct investment in India in the energy transmission sector, the fifth person added.

As per the draft papers filed in August 2025, the original IPO issue size split was as follows – a fresh issue of Rs 1500 crore and an offer for sale of Rs 3,700 crore, representing a total issue size of Rs 5,200 crore.

Axis Capital, HSBC Securities, Nomura, JP Morgan, IIFL Capital, BNP Paribas, BoB Capital and SBI Capital are the investment banks working on the IPO.

All the five persons above spoke to Moneycontrol on the condition of anonymity.

When contacted, Temasek, Bain Capital and 360 ONE declined to comment. Email queries sent to Brookfield Asset Management, Steadview Capital and Clean Max Enviro Energy Solutions were left unanswered at the time of publishing this article.

The last three IPOs from the renewable energy space in India were floated by NTPC Green Energy, Waaree Energies and Premier Energies. Over the past one month, the share price of NTPC Green Energy has dropped by more than 7 per cent, but Waaree Energies and Premier Energies have risen by more than 15 per cent and 5 per cent respectively during the same phase.

Know more about clean energy player Clean Max

According to the Clean Max draft papers, the firm was India’s largest commercial and industrial (C&I ) renewable energy provider as of March 31, 2025, according to a CRISIL Report.

“We have 2.54 GW of operational, owned and managed capacity, and 2.53 GW of contracted yet to be executed capacity as of July 31, 2025. With nearly 15 years of experience since our inception in 2010, we specialize in delivering Net Zero and decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers across data centres, AI and technology industries and C&I enterprises across a range of sectors, including infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres,” the draft paper said.

It added, “Our expertise spans across providing energy contracting, engineering, procurement and construction services, and operation and maintenance services of renewable energy plants including solar, wind and hybrid plants, within our customer’s premises and within CleanMax -developed renewable energy (solar, wind and hybrid) farms.”