Mumbai-based renewable energy company CleanMax Enviro Energy Solutions (CleanMax) has successfully concluded an equity fund raise of approximately $360 million from Brookfield Renewable, facilitated through the Brookfield Global Transition Fund (BGTF).

The funding comprises a mix of primary and secondary investments and will provide CleanMax with the necessary capital to pursue its ambitious growth plans of becoming a platform exceeding 5 GW within the next three to four years.

The company aims to further expand its C&I footprint both within India and internationally.

Kuldeep Jain, Founder and Managing Director of CleanMax, said, “This substantial capital infusion ensures that we have ample growth capital for at least the next 3-4 years. With Brookfield’s substantial financial backing, we expect to maintain our market leadership in the C&I segment and add approximately 800-1000 MW to our C&I portfolio annually.”

Jain also reiterated CleanMax’s commitment to investing in high-return projects, forging partnerships with top-tier customers, and delivering large-scale projects on time and within competitive cost parameters.

By securing this investment, Brookfield Renewable will acquire a controlling stake in CleanMax and collaborate closely with existing shareholders and management to drive the company’s expansion in India’s commercial and industrial (C&I) segment.

Nawal Saini, Managing Director of Renewable Power & Transition at Brookfield, expressed satisfaction with the partnership, stating, “Indian corporates are actively working towards supporting the government’s net-zero goals, and CleanMax has a proven track record of being an efficient partner to C&I customers in their decarbonization efforts.”

CleanMax is currently offsetting 2.5 million tons of CO2 equivalent annually through its 1.6 GW clean energy generation capacity, including on-book and third-party CAPEX sales capacities.

With its 3,076 GWh of clean energy generation, CleanMax sustains the power needs of over 350 clients, equivalent to providing electricity to 855,000 households.

CleanMax specializes in providing clean energy solutions to commercial and industrial customers, supporting their transition to sustainable power sources. The company offers a range of services, including clean energy generation, energy storage, and energy efficiency solutions.

The company recently partnered with global internet giant Meta to invest in 33.8 MW of new renewable energy projects in India.

Last September, CleanMax announced a joint venture with sustainable agriculture solutions provider UPL to establish a 61.05 MW wind-solar hybrid power project in Gujarat. The project will comprise 28.05 MW solar and 33 MW wind projects.