CleanMax Raises $360 Million From Brookfield The funding will enable CleanMax to pursue its growth plans of becoming a >5 GW platform over the next three to four years
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CleanMax Enviro Energy Solutions Pvt. Ltd, a Mumbai based renewable energy company, has closed an equity fund raise from Brookfield Renewable, through the Brookfield Global Transition Fund ('BGTF'). The funding, 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.
"CleanMax has a proven track record of being an efficient partner to C&I (commercial and industrial) 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," said Nawal Saini, managing director, Renewable Power and Transition, Brookfield.
In an official statement the company stated that 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. 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.
"This will see us have adequate growth capital for at least the next 3-4 years. 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," said Kuldeep Jain, founder and MD, CleanMax.