Mumbai-based renewable energy firm CleanMax Enviro Energy Solutions has successfully raised $360 million in a combination of primary and secondary funding rounds. The funding was led by Brookfield Renewable, through the Brookfield Global Transition Fund (BGTF). CleanMax intends to utilize the capital infusion to support its ambitious growth plans of becoming a platform with a capacity exceeding 5 gigawatts (GW) within the next three to four years.
CleanMax’s goal is aligned with the Indian government’s commitment to achieving net-zero emissions. The company has a proven track record of efficiently partnering with commercial and industrial (C&I) customers to help them meet their decarbonization targets. By securing this significant investment from Brookfield, CleanMax aims to maintain its market leadership in the C&I sector. It plans to add approximately 800-1000 megawatts (MW) to its C&I portfolio annually, leveraging the substantial capital pool made available through this partnership.
Nawal Saini, Managing Director of Renewable Power & Transition at Brookfield, expressed enthusiasm about collaborating with CleanMax in its next phase of growth. He highlighted the alignment of Indian corporates with the government’s net-zero goals and recognized CleanMax’s track record as an efficient partner for C&I customers. Through this partnership, Brookfield intends to leverage its global relationships, access to capital, and operational expertise to support CleanMax’s expansion plans.
Kuldeep Jain, Founder and Managing Director of CleanMax, emphasized the significance of this funding round. He stated that it would provide the company with sufficient growth capital for the next three to four years. With the support of Brookfield’s substantial capital pool, CleanMax aims to maintain its market leadership in the C&I sector. Additionally, the company plans to continue investing in high-return projects, collaborating with quality customers, and delivering timely and cost-competitive execution of large projects. CleanMax also intends to expand its C&I footprint in India and explore growth opportunities in the corporate renewable energy space, identifying and pursuing drivers for further value creation.
In terms of its environmental impact, CleanMax already offsets 2.5 million tons of CO2 equivalent per annum through its clean energy generation capacity of 1.6 GW, including on-books and third-party CAPEX sales capacities. The company powers sustainability for over 350 clients, generating 3,076 gigawatt-hours (GWh) of clean energy. This capacity is sufficient to power approximately 855,000 households.
Moving forward, CleanMax aims to leverage the funding from Brookfield to solidify its position as a key player in the renewable energy sector. With a focus on sustainable growth and a commitment to delivering clean energy solutions, CleanMax is poised to contribute significantly to India’s renewable energy transition.
In conclusion, the partnership between CleanMax and Brookfield highlights the growing importance of renewable energy in India. By securing substantial funding, CleanMax is well-positioned to drive its expansion plans, maintain market leadership, and continue contributing to a greener and more sustainable future.