CleanMax Enviro Energy Solutions, a Mumbai-based corporate renewable energy solutions provider which manages 1.6 GW+ of operating wind and solar projects, has closed an equity fund raise of $360 million from Brookfield Renewable as it targets 5 GW capacity.
The developer said the funding would enable it to pursue its growth plans of becoming a >5 GW platform over the next three to four years.
The funding is a mix of primary and secondary.
Brookfield Renewable made the investment through the Brookfield Global Transition Fund and will have a controlling stake in CleanMax with the investment. It will work with existing shareholders and management to drive the platform’s growth in India’s commercial and industrial (C&I) segment.
Kuldeep Jain, founder and MD of 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.”
Along with active participation from Brookfield, CleanMax 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. It helps power sustainability for 350+ clients through 3076 GWh clean energy generation, sufficient to power 855,000 households.
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