CleanMax Announces Rs 1,650-Crore Equity Investment from Augment Infrastructure

• CleanMax will use this investment to accelerate its growth in the C&I renewable energy space in India, Middle East and southeast Asia
• He added that the primary capital raised by CleanMax will support their expansion efforts to build their customer base and add about 400 megawatt (MW) of new capacity annually.

CleanMax, a Mumbai-based rooftop solar developer, said US-based investment firm, Augment Infrastructure, is set to acquire a majority stake in the company for an equity consideration of Rs 1,650 crore. CleanMax will use this investment to accelerate its growth in the C&I renewable energy space in India, Middle East and southeast Asia.

Nikunj Ghodawat, chief financial officer of CleanMax said that the investment will enable CleanMax to consolidate its leadership position in the business-to-business renewable energy sector, expand to new geographies and focus on organic and inorganic growth,” said Nikunj Ghodawat, chief financial officer of CleanMax.

He added that the primary capital raised by CleanMax will support their expansion efforts to build their customer base and add about 400 megawatt (MW) of new capacity annually. CleanMax aims to enhance operating capacity from 760 MW to about 2,000 MW in the next three years.

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Ghodawat added that subsequently, Augment Infrastructure will become the largest investor in CleanMax, while their previous investors Warburg Pincus and IFC would be opting for an exit.

Kuldeep Jain, founder and managing director of CleanMax said that they are happy to note that both global investors will secure an exit, which is always a responsibility of the management team to deliver upon. He added that over 150 CleanMax colleagues, present and past, are securing a part exit on their ESOPs,” said Kuldeep Jain, founder and managing director of CleanMax.

The rooftop firm said that this investment would involve a purchase of the stake held by Yellow Bell Investment, an affiliate of global private equity firm Warburg Pincus, and International Finance Corporation along with an investment of primary capital in the company to fund its growth pipeline. While UK Climate Investments will continue as an investor and Board member.