Indian renewable energy company CleanMax Enviro Energy Solutions on Thursday said Brookfield Renewable has acquired a controlling stake in it with $360 million in equity funding.
The funding round led by Brookfield Renewable, through the Brookfield Global Transition Fund, was a mix of primary and secondary sale and is expected to drive the platform’s growth in the commercial and industrial (C&I) segment in India.
The company aims to use the funds to pursue its growth plans of becoming a 5 GW+ platform over the next three to four years.
“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,” said Kuldeep Jain, Founder & MD, CleanMax.
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 endeavour to grow its C&I footprint further in India and outside, Jain added.
Founded in 2011, CleanMax provides green, clean energy to corporate consumers in Asia. It claims to have helped 350+ corporate consumers to adopt renewable energy in their operations. The company said it manages 1.6 GW+ of operating wind and solar projects and supplies over 3076 GWh of green energy every year and helping to offset about 2.5 million tonnes of CO2 every year.
Brookfield Renewable, the renewable power company of Brookfield Corp, consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, with a total installed capacity of 25,700 megawatts of installed capacity.
Earlier this year, India’s Avaada Group amassed a whopping $1.07 billion from Brookfield to expand its green hydrogen and green ammonia ventures.
Institutional investors have committed $15 billion to the Brookfield Global Transition Fund and it targets investment opportunities relating to reducing greenhouse gas emissions and energy consumption, as well as increasing low-carbon energy capacity and supporting sustainable solutions.
India’s renewables sector has been attracting increasing foreign investment and was among its top five industries for overseas funds in the last fiscal year, with a 5% share of all inflows from April-September 2022, compared with 3.3% in the same period a year ago, according to Reuters.
Last month, India’s Serentica Renewables, a decarbonisation platform, said KKR & Co has invested an additional $250 million in the company, months after bagging $400 million from the private equity firm.