Cleanmax Enviro Energy Solutions has received USD 360 million in equity funding from the global private equity major Brookfield.
Cleanmax is a Mumbai-based renewable energy company.
Brookfield Renewable invested through Brookfield Global Transition Fund, the PE firm said in a statement on Thursday.
The funding is a mix of primary and secondary, and will enable CleanMax to pursue its growth plans of becoming a 5 GW platform over the next three to four years, the statement added.
Brookfield India has over 9 GW of diversified assets across wind, solar and hybrid assets in various stages of operations and development across seven different states, and investments across infrastructure, renewable energy, real estate and private equity in India.
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, the investee company said without offering how much stake it has picked up.
Nawal Saini, Managing Director, Renewable Power & Transition at Brookfield, said domestic corporates are well aligned with and actively working towards supporting the government's net zero goals.
CleanMax has a proven track record of being an efficient partner to customers, enabling them to achieve their decarbonisation targets, Saini added.
CleanMax founder and MD Kuldeep Jain said this investment is adequate enough for 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 our areas of operations and add about 800-1000 MW annually to our portfolio.
He also said the company is 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 tonnes of CO2 equivalent per annum through 1.6 GW of clean energy generation capacity, including on books and third-party capex sales capacities.