A consortium led by Singapore’s state investor Temasek Holdings is in advanced discussions to invest approximately ₹1,500 crore in a pre-IPO funding round for CleanMax Enviro Energy Solutions, according to industry sources cited in recent media reports.
The proposed transaction is expected to include participation from Bain Capital, 360 ONE, and Steadview Capital, as global and domestic investors seek greater exposure to India’s fast-growing commercial and industrial (C&I) renewable energy segment. Temasek is reportedly set to contribute the largest share of the investment in the consortium.
CleanMax, which is backed by Brookfield Asset Management holding around 42% stake, is preparing for a public listing and has already received SEBI approval for its planned ₹5,200 crore IPO. The pre-IPO fundraising could reduce the final IPO size and strengthen the company’s balance sheet ahead of the market debut.
According to its regulatory filings, CleanMax is India’s largest pure-play C&I renewable energy provider, with about 2.54 GW of operational capacity and a similar pipeline of contracted projects. The company supplies renewable power solutions across sectors such as data centres, manufacturing, cement, steel, FMCG, and pharmaceuticals.
Market participants believe the deal reflects strong investor confidence in India’s clean energy transition, particularly in corporate decarbonisation and distributed renewable power. If finalised, this investment could mark Temasek’s first major direct play in India’s renewable energy transmission ecosystem.
CleanMax Enviro Energy Solutions had filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in August last year. For more details read https://solarquarter.com/2025/08/18/cleanmax-initiates-ipo-process-for-upcoming-%e2%82%b95200-cr-issue/
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