CleanMax looks to raise up to $250 mn from slew of investors

MUMBAI: CleanMax Enviro Energy Solutions, which supplies renewable energy to commercial establishments, is in talks with investors, including pension funds, to raise as much as $200-250 million, two people aware of the development said.

CleanMax operates more than 600MW of large-scale solar and wind farms and supplies clean energy to corporate customers.

CleanMax has installed over 600 rooftop solar projects for companies and has a total rooftop solar operating capacity of more than 350MW across India, the United Arab Emirates and Thailand.

Its clients are spread across sectors such as automotive, education, pharmaceuticals, packaged consumer goods and information technology. The company provides power on a per-kWh basis through longterm power purchase agreements.

“CleanMax has been working with investment bank Rothschild for this fundraising. They have been in talks with various investors for the same. They are only looking at financial investors for the fundraise, especially pension funds,” one of the two people cited above said, requesting anonymity.

The other person added that the company might be willing to sell a majority stake if it finds the right investor. “The existing investor Augment Infrastructure, which has a majority stake in CleanMax, may be willing to sell some part of its stake in this current round, which could take up the deal size to $300 million. But nothing is finalized on that front, and they may seek to retain majority stake if needed,” the second person said seeking anonymity.

In 2021, US investment firm Augment Infrastructure acquired a majority stake in CleanMax for ₹1,650 crore after buying up the stakes held by Warburg Pincus and International Finance Corp.

Emails sent to CleanMax Enviro did not elicit a response.

BLOOMBERG The firm has installed over 600 solar projects.