Renewable energy firm CleanMax grabs $360M equity funding from Brookfield

Mumbai-headquartered renewable energy company CleanMax Enviro Energy Solutions has raised $360 million in an equity round from Brookfield Renewable through the Brookfield Global Transition Fund (‘BGTF’).

The Mumbai-headquartered company will utilise the fresh capital to pursue its growth plans of generating over 5 GW of clean energy 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 its growth in the commercial and industrial (C&I) segment in India.

"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," Kuldeep Jain, Founder and MD of CleanMax, said.

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Founded in 2011, CleanMax Solar provides green and clean energy to corporate consumers in Asia, helping them become sustainable. It has helped more than 350 corporate consumers adopt renewable energy in their operations.

Additionally, CleanMax said it manages more than 1.6 GW of operating wind and solar projects, supplies over 3,076 GWh of green energy every year (equivalent to powering 8.55 lakh households for a year, according to a statement), and helps offset about 2.5 million tonnes of CO2 every year.

The company has a national presence with five offices across India as well as in the UAE and Thailand.

Along with active participation from Brookfield, the company is also looking to explore additional growth avenues in the corporate renewable energy space.

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

Brookfield Renewable's portfolio consists of hydroelectric, wind, utility-scale solar, and storage facilities in North America, South America, Europe, and Asia, and totals approximately 25,700 megawatts of installed capacity and a development pipeline of approximately 126,000 megawatts of renewable power assets, along with 12 million metric tonnes per annum ("MMTPA") of carbon capture and storage, and more renewable energy initiatives.