Brookfield picks up 51% stake in India’s CleanMax Solar
Transactions - APRIL 25, 2023

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Brookfield picks up 51% stake in India’s CleanMax Solar

by Kali Persall

Brookfield has purchased a 51 percent stake in India's CleanMax Solar, a supplier of renewable energy to commercial and industrial establishments.

Sources report the equity value of the company to be between INR 3,500 crore ($466.8 million) and INR 4,000 crore ($533.5 million).

The investment will largely be a secondary sale of shares by existing shareholders with a small tranche of primary infusion into the company.

In November, Brookfield, I Squared Capital and National Investment and Infrastructure Fund (NIIF) were in early talks to acquire the company and had submitted non-binding bids. At that time, Augment Infrastructure owned a majority stake in CleanMax.

CleanMax is Asia’s leading renewable-energy company in the C&I sector, with 1 gigawatt of operating renewable assets, according to the company’s website.  CleanMax operates renewable-energy assets such as rooftop solar projects, solar farms, wind farms and wind solar hybrid farms. The com

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