CleanMax, which is the largest provider of renewable energy solutions such as rooftop solar to commercial and industrial (C&I) segment, announced equity acquisition by Augment Infrastructure. The US investment firm is acquiring a majority stake in CleanMax for an equity consideration of Rs 1,650 crore.
The company said Augment is purchasing the existing stake of Yellow Bell Investment Ltd (an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing) and International Finance Corporation (IFC) in CleanMax. Augment will also invest primary capital in CleanMax to fund the growth pipeline.
UK Climate Investments (UKCI), which is on the Board of CleanMax, would continue to remain an investor.
The company, in a public statement, said it will use this investment to accelerate its growth in the C&I renewable energy space in India, Middle East and SouthEast Asia.
“The company has new investments lined-up in offsite renewables such as wind-solar hybrid projects in states like Karnataka, Gujarat and Maharashtra; and also in standalone solar farms in Haryana, UP, Chhattisgarh, Maharashtra and Tamil Nadu to serve the needs of corporate customers,” it said.
CleanMax, founded in 2011, currently has close to 150 customers including leading corporations such as Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, Manjushree, and others.
Kuldeep Jain, founder and managing director of CleanMax said around 150 company employees (present and past) are securing a part exit on their ESOPs, through this deal.
He said, “This investment is testimony to CleanMax’s current leadership position in the Commercial and Industrial renewable energy market in Asia. Today, addressing climate change centric issues is a fundamental cause towards a sustainable environment, and several corporations are already at the forefront. We are honoured to be working with the largest global and Indian companies in sectors and aid their goal towards being a net zero emitter.”
Rothschild & Co was the adviser to the company and shareholders for this transaction.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU