NEW DELHI: Mumbai-based renewable energy company CleanMax has sewed up equity funding of $360 million from Brookfield Renewable, marking the Canadian fund’s second investment in an Indian clean energy entity within a month.
Brookfield Renewable is among the largest investors globally in renewable power and climate transition assets and will route the investment through the Brookfield Global Transition Fund. Brookfield will get a controlling stake and will work with existing shareholders and management to drive the company’s growth in the C&I (commercial and industrial) segment in India, CleanMax said in a statement on Thursday.
Brookfield had in April committed $1 billion to Mumbai-based Avaada group led by social entrepreneur Vineet Mittal for building green hydrogen and green ammonia plants. The investment comes in a mix of primary and secondary funding, which will enable CleanMax to scale up its installed capacity to 5 gigawatts over the next 3-4 years.
“This will see us have adequte growth capital for at least the next 3-4 years,” MD Kuldeep Jain said.