Getty ImagesGlobal private equity fund Warburg Pincus has sold its stake in rooftop solar power producer Cleanmax Enviro Energy Energy to Augment Infrastructure, a US investment firm. The deal, a mix of both primary and secondary capital, is ₹1,650 crore, a senior company official said.
“Augment has acquired a controlling stake in the company as Warburg Pincus and IFC have exited through this transaction,” said Kuldeep Jain, founder and MD, Cleanmax.
Around ₹750 crore of primary capital will help the company expand capacity and support its inorganic growth plans, Jain said.
While Jain refused to share further details of the transaction, sources said that Warburg Pincus has made around 18% IRR on its investment in the company. “Both the funds together home around Rs 900 crore, almost double of what they had pumped into the company over the years,” a person with knowledge of the deal said.
The transaction comes at a time when profitable exits from infrastructure and energy ventures are hard to come by.
Warburg Pincus invested in the company in 2016. “This journey has validated our strategy to back the market leader in the Indian C&I space led by a talented management team,” said Saurabh Agarwal, Managing Director, Warburg Pincus.
Founded in 2011, Cleanmax offers a range of green power sourcing options including rooftop solar, offsite solar, and wind solar hybrid.
“Augment has acquired a controlling stake in the company as Warburg Pincus and IFC have exited through this transaction,” said Kuldeep Jain, founder and MD, Cleanmax.
Around ₹750 crore of primary capital will help the company expand capacity and support its inorganic growth plans, Jain said.
While Jain refused to share further details of the transaction, sources said that Warburg Pincus has made around 18% IRR on its investment in the company. “Both the funds together home around Rs 900 crore, almost double of what they had pumped into the company over the years,” a person with knowledge of the deal said.
The transaction comes at a time when profitable exits from infrastructure and energy ventures are hard to come by.
Warburg Pincus invested in the company in 2016. “This journey has validated our strategy to back the market leader in the Indian C&I space led by a talented management team,” said Saurabh Agarwal, Managing Director, Warburg Pincus.
Founded in 2011, Cleanmax offers a range of green power sourcing options including rooftop solar, offsite solar, and wind solar hybrid.
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