Augment Infra invests Rs 1,650 cr in Cleanmax for majority stake

The ten-year old company acts as a sustainability partner to leading corporates in Asia by providing them with a range of green power sourcing options including rooftop solar, offsite solar, and wind solar hybrid solutions. The corporates work with the company to achieve their emission goals, and its clientele includes Facebook, Adobe, Cargill Foods, Volvo, Tata Group and Mahindra Group, among others. Today, addressing climate change centric issues are a fundamental cause towards a sustainable environment, and several corporates are already at the forefront, its founder and managing director Kuldeep Jain said.

Jain added that 150 colleagues at the company are also part-exiting on their employee stock options as part of the deal. 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, its chief financial officer Nikunj Ghodawat said.

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While the primary capital will support strategic expansion efforts and add around 400 MW of new capacity annually, he said, adding that it is targeting to enhance operating capacity from 760 MW to around 2,000 MW in the next three years. 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, Augment's managing partner Darius Lilaoonwala said.

Warburg Pincus' managing director Saurabh Agarwal said it had invested in the company in 2017 when its overall capacity was 110 MW.