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14 Jun, 2025
CleanMax Enviro Energy Solutions, a leading player in India’s renewable energy sector, is preparing to launch an initial public offering (IPO) aiming to raise between ₹4,000 crore and ₹5,000 crore. The move, which combines both primary and secondary share sales, is expected to value the company at approximately ₹18,000-₹20,000 crore and marks a significant milestone in India’s transition towards sustainable energy sources.
The IPO will see existing investors, including Canadian investment giant Brookfield Asset Management, Augment Infrastructure, and the Danish Investment Fund, divesting part of their stakes. Brookfield, through its Brookfield Global Transition Fund (BGTF), held a 49.92% stake in CleanMax as of March 2025, following its acquisition of a controlling interest in June 2023 via a $360 million (₹3,000 crore) deal. Despite the partial sale, Brookfield and CleanMax’s managing director Kuldeep Jain, will remain co-promoters post-IPO.
CleanMax has appointed a consortium of prominent investment banks- Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, and Nomura to manage the offering.
Founded in 2011, CleanMax has rapidly established itself as a leader in the commercial and industrial (C&I) renewable energy segment. As of March 2025, the company boasts an operational capacity of around 1.7 GW, with an additional 1.5 GW of hybrid projects in the pipeline. According to Care Ratings, by November 2024, CleanMax had developed 1,900 MW of renewable capacity, with 400 MW sold to third parties.
The company’s growth has been underpinned by a robust client base, including global technology giants like Google and Amazon, and a portfolio that serves over 750 corporations across diverse industries such as textiles, automotive, FMCG, pharmaceuticals, and data centers. CleanMax’s operations extend beyond India to Thailand, Bahrain, Dubai, and the UAE, reflecting its regional ambitions.
CleanMax has attracted significant investments over the years from marquee investors, including Warburg Pincus, IFC, UK Climate Investments, and DSDG Holdings. In April 2023, BGTF committed an additional ₹3,000 crore to the CleanMax platform, comprising a primary infusion of ₹1,800 crore and a secondary purchase of ₹1,200 crore, with a further soft commitment of ₹800 crore for future expansion.
The company offers a suite of sustainability solutions to corporates, including wind and solar power generation, rooftop solar installations, renewable energy certificates, and carbon offset projects. This aligns with the growing demand among businesses to meet carbon neutrality goals, especially as green power is estimated to be 35% cheaper than conventional energy, significantly reducing operational costs for companies.
The CleanMax IPO comes at a time of heightened investor interest in India’s renewable energy sector. Several major players, including NTPC Green and Juniper Green Energy, are also exploring public offerings to capitalize on the booming demand for clean power. India’s renewable energy market is witnessing unprecedented growth, with companies adding 600-700 MW of new capacity annually as businesses increasingly adopt green energy solutions.
CleanMax’s planned IPO is poised to not only fuel its own expansion but also bolster India’s broader renewable energy ambitions. With a strong track record, blue-chip clientele, and substantial backing from global investors, the company is well-positioned to play a pivotal role in the country’s journey towards a greener, more sustainable future.
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