Global private equity major Brookfield has invested $360 million for a controlling stake in Cleanmax Enviro Energy Solutions, a Mumbai-based renewable energy firm.
This investment by Brookfield was done via Brookfield Global Transition Fund. The private equity firm disclosed in a statement that the equity funding is a mix of primary and secondary sale, and will enable CleanMax to pursue its growth plans of becoming a 5 GW platform over the next three to four years.
Brookfield India has over 9 GW of diversified assets across wind, solar and hybrid assets in various stages of operations and development across seven different states, and investments across infrastructure, renewable energy, real estate and private equity in India.
While Brookfield Renewable will have a controlling stake in Cleanmax, the statement did not disclose its holding after the transaction. Brookfield added that it will work with existing shareholders and management to drive the platform’s growth in the commercial and industrial segment.
Nawal Saini, managing director, renewable power & transition, at Brookfield, said domestic corporates are well aligned with and actively working towards supporting the government’s net zero goals.