Indian Renewable Firm CleanMax Raises $360M From Brookfield

Indian renewable energy company CleanMax today announced raising an equity fund from Brookfield Renewable through the Brookfield Global Transition Fund (BGTF). The BGTF focuses on investments accelerating the global transition to a net-zero carbon economy while delivering strong risk-adjusted returns to investors. 

This funding of USD 360 million is a mix of primary and secondary. The clean tech firm said this would empower the company to pursue its growth plans. The company plans to boost its energy capacity beyond 5 Gigawatt (GW). 

Under the agreement, Brookfield Renewable would have a controlling stake in the clean tech company over the next three to four years. In addition, it will work with the existing shareholders and management to drive the platform’s growth in the commercial and industrial (C&I) segment in India.

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Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield, said that Indian corporates were well aligned with and actively working towards supporting the government’s net zero goals.

“CleanMax has a proven track record of being an efficient partner to C&I customers, enabling them to achieve their decarbonization targets. We are pleased to partner with CleanMax as they chart their next growth stage. We look forward to supporting the company by leveraging Brookfield’s global relationships, access to capital, and operational expertise,” he said. 

Kuldeep Jain, Founder & MD CleanMax, said the recent fundraiser would allow the firm to have adequate growth capital for at least 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. 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.”

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Along with active participation from Brookfield, the company is also looking to explore additional growth avenues in the corporate renewable energy space and assess and pursue other drivers for value creation.

CleanMax claims to offset 2.5 million tons of carbon dioxide equivalent per annum through 1.6 GW of clean energy generation capacity, including on books and third-party CAPEX sales capacities. CleanMax helps power sustainability for 350+ clients through 3076 GWh clean energy generation, sufficient to power 855,000 households.