Bengaluru, June 1

Canada-based Brookfield Renewable has acquired a majority stake in CleanMax Enviro Energy Solutions Pvt Ltd (CleanMax), a renewable energy company, through a $360-million equity round.

This funding deal was a mix of primary and secondary sale, and will enable CleanMax to pursue its growth plans of becoming an over 5 GW platform over the next three to four years. 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.

Commenting on the development, 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. CleanMax has a proven track record of being an efficient partner to C&I customers, enabling them to achieve their decarbonisation 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.”

Adding to this, Kuldeep Jain, Founder & MD 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. 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.”

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. Founded in 2011, CleanMax is provider of green, clean energy to corporate consumers in Asia. Headed by Managing Director Kuldeep Jain, CleanMax has a national presence and five offices across India and offices in the UAE and Thailand.

CleanMax provides green energy, green energy attributes to MNCs and large corporates, helping them become sustainable. The company said it has helped 350+ corporate consumers to adopt renewable energy in their operations. It also manages 1.6 GW+ of operating wind and solar projects and supply over 3,076 GWh of green energy every year (equivalent to powering 8.55 lakhs households for a year) and helping offset about 2.5 million tons of CO2 every year.