Brookfield weighing IPO of Indian green energy arm CleanMax, could raise up to ₹3,000 crore: Report

Global investment firm Brookfield Asset Management is weighing the option of launching an initial public offering (IPO) for its Indian green energy arm CleanMax Enviro Solutions to raise up to ₹3,000 crore, a report said on Wednesday, citing sources.

CleanMax, which has a 2 gigawatts (GW) project portfolio, caters to over 150 corporate clients. It supplies green energy to companies ranging in diverse sectors such as textiles, FMCG, data centres, automotive, chemicals and pharmaceuticals.

The company could be looking at a valuation of ₹10,000 crore to ₹12,000 crore to raise an amount of ₹2,500 crore-₹3,000 crore via the public issue, the publication reported.

Notably, CleanMax plans to create a portfolio of 5 GW by 2027-2028. Among the company's clients is tech behemoth Apple, whose six industrial sites in India are installed with 14.4 megawatts (MW) of solar rooftops.

The controlling stake in CleanMax, a Mumbai-based firm, was acquired by Brookfield in June 2023 in a $360 million deal.

Renewable energy firms eyeing the IPO route

A number of renewable energy companies in India are looking towards the initial public offering route to raise funds.

Reports in April said that NTPC Green, a subsidiary of the state-run NTPC Ltd, is looking to finalise the investment banks for its planned IPO of ₹10,000 crore.

Juniper Green Energy, a Delhi-based renewable energy supplier, was in the news earlier this month for reportedly initiating discussions with investment lenders for a public offer to raise around ₹16,500 crore to ₹21,000 crore.