Brookfield takes controlling stake in CleanMax with $360 million investment

New Delhi: CleanMax Enviro Energy Solutions Pvt Ltd has raised $360 million from Brookfield Renewable, through the Brookfield Global Transition Fund (BGTF). Post the transaction, 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 segment in India, CeanMax said.

The company, however, did not divulge the shareholding of Brookfield after the investment.

“This funding of $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,” CleanMax said.

Nawal Saini, managing director, Renewable Power & Transition, Brookfield said: “Indian corporates are well aligned with and actively working towards supporting the government’s net zero goals. 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 that the latest fundraise will help the company with growth capital for at least the next three to four 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,” Jain added.

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, as per the company statement.

According to CleanMax, it offsets 2.5 million tonne of CO2 equivalent per annum through 1.6 GW of clean energy generation capacity including on books and third-party capex sales capacities.

Founder in 2011, CleanMax has over 350 clients and has offices UAE and Thailand apart from five cities in India.

Brookfield Renewable’s portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, which adds up to around 25.700 GW of installed capacity and a development pipeline of around 126 GW of renewable power assets, 12 million metric tons per annum (MMTPA) of carbon capture and storage among others.