ImpactAlpha, June 6 — Mumbai-based CleanMax is a leading supplier of renewable energy to corporate consumers in India, managing 1.6 gigawatts of wind and solar projects. A $360 million equity investment from Brookfield, through its $15 billion energy transition fund, will help the company increase its installed capacity to 5 gigawatts.
Indian corporations are “actively working towards supporting the government’s net zero goals,” said Brookfield’s Nawal Saini.
India’s energy transition
The world’s most populous country aims to generate half of its power from non-fossil fuel sources on the way to net-zero carbon emissions by 2070 (see, “India poised to lead – and test – the just energy transition”).
CleanMax is Brookfield’s second clean energy deal in India this year. In April, the firm invested $1 billion in Mumbai-based Avaada Group to finance green hydrogen and ammonia projects.
Last year, KKR’s $3.9 billion Asia Pacific Infrastructure fund invested nearly $1 billion in New Delhi-based clean energy producers Serentica Renewables and Hero Future Energies. TPG Rise Climate co-led a $1 billion investment in an electric vehicle unit of Tata Motors in 2021.
Investor demand
Asia and the Middle East have taken on greater importance in Brookfield’s fundraising, as commitments from US-based investors have slowed. The firm last month cited strong demand for its second energy transition fund, which is targeting up to $25 billion.
