CleanMax recently said that Augment Infrastructure has acquired around Rs.1,650 crores of stake. Founded in 2011 by Kuldeep Jain, CleanMax is the biggest supplier of rooftop solar and other renewable energy solutions to commercial and industrial sectors. Augment Infrastructure is a US based investment firm.
Augment will purchase stake in Warburg Pincus’s Yellow Bell Investment Ltd and International Finance Corporation (IFC) in CleanMax. The company will also fund the growth pipeline and invest primary capital. Warburg Pincus is a leader in growth investing and is a private equity firm.
A board member in CleanMax, UK Climate Investments (UKCI), will continue to invest in the company. Augment said it will boost the growth in renewable energy C&I sector with the fund in Middle East, India 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 has around 150 customers which comprises of world leaders like Adobe, Volvo, Facebook, Cargill Foods, Tata Group, Grasim, Mahindra Group, Manjushree, and etc. The company has nearly 150 employees (both past and present) which will exit their ESOPs via this agreement.
“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 honored to be working with the largest global and Indian companies in sectors and aid their goal towards being a net-zero emitter,” he added.
Augment’s managing partner Darius Lilaoonwala, said, “We believe that Cleanmax is well poised to benefit from the strong growth tailwinds in the sector and look forward to working with the management team to build a world class enterprise providing sustainable solutions for the future.”
CFO, Nikunj Ghodawat, said,”The investment will help the company consolidate its leadership position in the B2B renewable energy sector, expand to new geographies and focus on organic and inorganic growth.”