Augment Infrastructure Acquires a Majority Stake in CleanMax for ₹16.5 Billion

CleanMax will utilize primary capital to enhance its growth in the C&I renewable energy sector in India, the Middle East, and Southeast Asia


CleanMax, an Indian renewable energy company, announced that Augment Infrastructure, a U.S.-based investment company, has acquired a majority stake in the company investing ₹16.5 billion (~$222.23 million) in equity.

As a part of the deal, Augment Infrastructure would acquire the stake of Yellow Bell Investment, an affiliate of Warburg Pincus, and International Finance Corporation (IFC) in CleanMax. The company will also invest primary capital in CleanMax to fund CleanMax’s growth pipeline. UK Climate Investments (UKCI) will continue as an investor and Board member.

The company will utilize the funding to enhance its growth in the commercial and industrial (C&I) renewable energy sector in India, Middle East, and Southeast Asia, CleanMax said in a press statement. It also has lined up new investments in offsite renewables like wind-solar hybrid projects in Karnataka, Gujarat, and Maharashtra; and standalone solar projects in Haryana, Uttar Pradesh, Chhattisgarh, Maharashtra, and Tamil Nadu.

Kuldeep Jain, Founder and Managing Director of CleanMax, said, “We are excited to partner with Augment infrastructure given their longstanding understanding of energy markets and prior track record of investing in India. Today, addressing climate change-centric issues is a fundamental cause towards a sustainable environment, and several corporates are already at the forefront. We are honored to be working with the largest global and Indian companies in the sector such as technology, IT parks, data centers, chemical, and manufacturing to aid their goal towards being a net-zero emitter.”

Commenting on the deal, Nikunj Ghodawat, Chief Financial Officer of CleanMax, said that the primary capital raised by CleanMax would support its strategic expansion efforts to continue building its consumer base and add around 400 MW of new capacity annually. The company is expected to enhance its operating capacity from 740 MW to around 2 GW in the next three years.

“This is Augment Infrastructure’s first investment in an Indian C&I renewable energy company. We believe that CleanMax is poised to benefit from the strong growth tailwinds in the sector and look forward to working with the management team to build an enterprise providing sustainable solutions for the future,” said Darius Liaoonwala, Managing Partner of Augment Infrastructure.

According to Mercom’s India Solar Market Leaderboard 2021, CleanMax has 264 MW of rooftop solar capacity as of March 2021.

CleanMax acts as a sustainability partner to leading corporates in Asia, providing them with a range of green power sourcing options including rooftop solar, offsite solar, and wind-solar hybrid solutions. The company currently serves over 150 customers including Facebook, Adobe, Volvo, Tata Group, Mahindra Group, Grasim, and others.

In April 2021, Facebook partnered with CleanMax to further the global tech giant’s sustainability ambitions in India. As part of the deal, Facebook is expected to procure renewable energy from wind and solar facilities set up by CleanMax.

According to Mercom’s 1H and Q2 2021 Solar Funding and M&A Report, in 1H 2021, there were 54 M&A deals, up from 25 in 1H 2020. The biggest of these was the total acquisition of SB Energy India by Adani Green Energy.


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