Brookfield Renewable has provided $360 million to CleanMax Enviro Energy Solutions Pvt Ltd via the Brookfield Global Transition Fund (BGTF). Following the transaction, Brookfield Renewable will hold a controlling interest in CleanMax and will collaborate with current shareholders and management to advance the platform’s expansion in the commercial and industrial sectors of India, according to CleanMax.
However, the business kept Brookfield’s shareholding a secret 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”.
The most recent fundraising effort, according to CleanMax’s founder and MD Kuldeep Jain, will provide the business 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.
According to a statement from the company, along with Brookfield’s active participation, the company is also seeking to investigate additional growth opportunities in the corporate renewable energy sector and to evaluate and pursue additional value-creating drivers.
In North America, South America, Europe, and Asia, Brookfield Renewable’s portfolio includes hydroelectric, wind, utility-scale solar, and storage facilities, totaling about 25.700 GW of installed capacity and a development pipeline of about 126 GW of renewable power assets, as well as 12 million metric tons per year (MMTPA) of carbon capture and storage, among other things.
According to CleanMax, it generates 1.6 GW of clean energy, including on-books and third-party capex sales capacities, which annually offsets 2.5 million tonnes of CO2 equivalent.
With offices in Thailand and the UAE in addition to five Indian cities, CleanMax has over 350 clients and was founded in 2011.