On August 12, Renewable energy company CleanMax said US-based Augment Infrastructure has invested Rs 1,650 crore to acquire a larger stake in the company.
“This would involve a purchase of the stake held by 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 along with an investment of primary capital in the Company to fund its growth pipeline,” CleanMax averred in an official statement.
“UK Climate Investments (UKCI) will continue to be an investor and a member of the board,” the company added.
CleanMax aims to use this equity investment to increase the growth scale in the commercial and industrial (C&I) renewable energy sectors in India, Middle East and Southeast Asia.
Rothschild & Co rightly advised the company and shareholders on the exchange.
The founder and Managing Director, Kuldeep Jain of CleanMax added on the exit of Warburg Pincus and IFC.
“We continue to value our relationship with Warburg Pincus and IFC, who reposed trust in the management team and the business model in the initial days of CleanMax’s growth. We are happy to note that both global investors will secure an exit, which is always a responsibility of the management team to deliver upon. I am also delighted to note that over 150 CleanMax colleagues, present and past, are securing a part exit on their ESOPs,” added Jain.
Established in 2011, CleanMax confers solar and wind power to corporates and institutional clients. The company averred that “It has commissioned more than 600 projects for over 150 corporates, resulting in an operational capacity of over 750 MW across India, UAE, and Thailand.”