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CleanMax Enviro Energy Solutions Raises $360 Million for Renewable Energy Expansion

The Busy Brains

3 Jun 2023

CleanMax Enviro Energy Solutions secures $360 million in funding led by Brookfield Renewable to fuel its growth plans and become a leading renewable energy platform. Discover how CleanMax is driving decarbonization and supporting India's net-zero goals through its efficient partnership with C&I customers.

Mumbai-based renewable energy firm, CleanMax Enviro Energy Solutions, has successfully raised $360 million in a funding round that combines primary and secondary investments. The round was led by Brookfield Renewable, through the Brookfield Global Transition Fund (BGTF).

The raised capital will play a crucial role in CleanMax's ambitious growth plans of becoming a leading >5 GW platform within the next three to four years. By leveraging this funding, CleanMax aims to accelerate its expansion and continue serving as an efficient partner to commercial and industrial (C&I) customers in achieving their decarbonization targets.

Nawal Saini, Managing Director of Renewable Power & Transition at Brookfield, expressed confidence in the alignment of Indian corporates with the government's net-zero goals.

Saini also highlighted CleanMax's track record as a reliable partner to C&I customers and emphasized Brookfield's commitment to supporting CleanMax's growth. Leveraging its global relationships, access to capital, and operational expertise, Brookfield aims to empower CleanMax in charting the next phase of its expansion.

Kuldeep Jain, Founder and Managing Director of CleanMax, emphasized the significance of the funding, stating that it provides substantial growth capital for the next 3-4 years. With the support of Brookfield's substantial capital pool, CleanMax aims to maintain its market leadership in the C&I segment and add approximately 800-1000 MW annually to its C&I portfolio.

Jain also emphasized CleanMax's commitment to investing in high-return projects, partnering with quality customers, and delivering on-time and cost-effective execution. Furthermore, CleanMax intends to expand its C&I footprint in India and explore additional growth opportunities in the corporate renewable energy space.

In addition to its core operations, CleanMax actively contributes to carbon offsetting, offsetting 2.5 million tons of CO2 equivalent annually through its 1.6 GW of clean energy generation capacity. This includes both on-books and third-party CAPEX sales capacities. CleanMax's clean energy generation, totaling 3076 GWh, powers sustainability for over 350 clients, which is sufficient to meet the energy needs of approximately 855,000 households.

CleanMax Enviro Energy Solutions' successful funding round marks a significant milestone in its journey towards transforming the renewable energy landscape and supporting India's sustainability goals.

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