Augment Infrastructure makes an INR 1,650-crore investment in CleanMax
CleanMax plans to use the investment received towards the acquisition of new customers and adding around 400 MW of new capacity per year
On Thursday, CleanMax – a Mumbai-based rooftop solar developer announced that a US-based investment firm, Augment Infrastructure, is about to make an investment in the company. An equity stake in the company worth Rs 1,650 crore will be acquired by Augment Infrastructure, said the company’s press release. .
CleanMax plans to utilize this investment to accelerate growth in the C&I renewable energy space in India, the Middle East, and Southeast Asia.
Nikunj Ghodawat, the chief financial officer of CleanMax, stated that the investment will further strengthen the company’s presence in the business-to-business renewable energy market while focusing on growth initiatives and expansion across new geographies.
The primary purpose of the capital raised by CleanMax is to support the company’s acquisition of new customers and to add around 400 MW of new capacity each year, he added.
Over the next three years, CleanMax plans to increase its operating capacity from 760 MW to about 2,000 MW.
Godawat explained that later on, Augment Infrastructure would become the company’s largest investor, while Warburg Pincus and IFC would pull out of CleanMax. While UK Climate Investments will remain an investor and board member.
Specifically, the rooftop firm said that in order to accomplish this investment, it would purchase Yellow Bell Investment Holdings, an affiliate of Warburg Pincus, and International Finance Corporation, and invest primary capital to fund the rooftop firm’s growth pipeline.
Founder and managing director of CleanMax, Kuldeep Jain stated, “We are pleased to note that both global investors will be exiting, which is always the responsibility of management.” It is also delighted to note that over 150 CleanMax employees, past and present, have secured partial closing of their ESOPs, he added further.
The new investments for CleanMax have been lined up in off-site renewable project development. These projects have been planned in Karnataka, Gujarat, and Maharashtra. The company is also looking into standalone solar farms in Haryana, Uttar Pradesh, Chhattisgarh, Maharashtra, and Tamil Nadu In order to serve the corporate customers.
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