CleanMax Gets ₹1,650 Cr Equity Investment from Augment Infrastructure

Mumbai-based clean energy company CleanMax Enviro Energy Solutions Pvt. Ltd. has revealed that US investment firm Augment Infrastructure will acquire a majority stake in it for Rs 1,650 crore.

Augment is purchasing the existing stake of Yellow Bell Investment Ltd (an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing) and International Finance Corporation (IFC) in CleanMax. The company will also invest primary capital in CleanMax to fund the growth pipeline. UK Climate Investments (UKCI) will continue as an investor and board member. Rothschild & Co was the sale adviser.

Solar rooftop developer CleanMax was founded in 2011 and currently has close to 150 customers including leading corporations such as Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, Manjushree, and others.

Augment has new investments lined-up in offsite renewables such as wind-solar hybrid projects in states like Karnataka, Gujarat and Maharashtra; and also in standalone solar farms in Haryana, UP, Chhattisgarh, Maharashtra and Tamil Nadu to serve the needs of corporate customers, the company said.

“This is Augment Infrastructure’s first investment in an Indian C&I renewable energy company," said Darius Lilaoonwala, managing partner, Augment Infrastructure.

“We are happy to note that both global investors will secure an exit, which is always a responsibility of the management team to deliver upon. I am also delighted to note that over 150 CleanMax colleagues, present and past, are securing a part exit on their ESOPs," Kuldeep Jain, founder and managing director of CleanMax.

In April this year, Facebook announced that its partnership with CleanMax for a 32 MW wind power project to be built in southern Karnataka. Around 50% of the project’s energy generation capacity has already been commissioned and is producing electricity. While CleanMax will handle the ownership and operation of the project, Facebook will purchase electricity off the grid through environmental attribute certificates (EACs) or carbon credits.