Augment Infrastructure Invests Rs 1,650 Cr in Rooftop Solar Developer CleanMax

US investment firm Augment Infrastructure has invested Rs 1,650 crore in Mumbai-based rooftop solar developer CleanMax to acquire a majority stake in the company.

“This would involve a purchase of the stake held by Yellow Bell Investment Ltd (an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing) and International Finance Corporation (IFC) in CleanMax along with an investment of primary capital in the Company to fund its growth pipeline,” CleanMax said in a statement.

It further said, UK Climate Investments (UKCI) will continue to be an investor and a member of the board.

The company said that it will use the equity investment to boost growth in the commercial and industrial (C&I) renewable energy space in India, Middle East and southeast Asia.

Commenting on the exit of Warburg pincus and IFC, Kuldeep Jain, founder and Managing Director of CleanMax, said “we continue to value our relationship with Warburg Pincus and IFC, who reposed trust in the management team and the business model in the initial days of CleanMax’s growth. We are happy to note that both global investors will secure an exit, which is always a responsibility of the management team to deliver upon. I am also delighted to note that over 150 CleanMax colleagues, present and past, are securing a part exit on their ESOPs.”