Augment Infrastructure invests $222.23 million in CleanMax for a majority stake

Augment Infrastructure, a US based investment firm is set to acquire a majority stake in CleanMax, a rooftop solar developer in India, for an equity investment of $222.23 million.

The investment involves Augment Infrastructure to acquire the stake of Yellow Bell Investment, an affiliate of global private equity firm Warburg Pincus, and International Finance Corporation. The company will also invest primary capital in CleanMax to fund its growth pipeline. UK Climate Investments will continue to be an investor and board member in the company.

This is Augment Infrastructure’s first investment in an Indian C&I renewable energy company. The investment in expected to accelerate CleanMax’s investment in the C&I renewable energy space in India, Middle East and South East Asia. The investment will boost CleanMax’s strategic expansion efforts and meet its target of adding 400 MW of new capacity annually. The company also has a vision to enhance its operating capacity from 740 MW to 2 GW across a period of three years.

CleanMax provides a range of green power sourcing options such as rooftop solar, offsite solar, and wind-solar hybrid solutions. It has upcoming investment projects in off-site renewables such as wind-solar hybrid projects in Karnataka, Gujarat and Maharashtra. It also has investments lined-up in standalone solar farms in Haryana, UP, Chhattisgarh, Maharashtra and Tamil Nadu.


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