CleanMax raises $360 million from Brookfield

CleanMax Enviro Energy Solutions Private Limited, a Mumbai based renewable energy company announced that it has closed an equity fund raise from Brookfield Renewable, through the Brookfield Global Transition Fund. This funding of $360 million, which is a mix of primary and secondary will enable CleanMax to pursue its growth plans of becoming a platform with more than 5 GW capacity 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 segment in India.

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. CleanMax offsets 2.5 million tons of carbon dioxide equivalent per annum through 1.6 GW of clean energy generation capacity including on books and third-party capital expenditure sales capacities.

Founded in 2011, CleanMax is one of the largest providers of green, clean energy to corporate consumers in Asia. CleanMax provides green energy, green energy attributes to MNCs and large corporations and helps them become sustainable.

In March 2022, JK Cement signed a power purchase agreement (PPA) with CleanMax Enviro Energy Solutions in Karnataka for 6.42 MW of wind-solar generation capacity. CleanMax will be responsible for supplying green energy to JK Cement’s Muddapur factory from its wind-solar farm in Jagalur, Karnataka.

In December 2022, CleanMax collaborated with Meta to invest in 33.8 MW of new renewable energy projects in India. The projects consist of 21.6 MW of wind power and 12.2 MW of solar power. CleanMax will own and operate the projects while Meta will purchase 100 per cent of the project’s green attributes.