Private Equity Fund Investments
Rooftop solar firm Cleanmax attracts Rs.1,650-Cr from Augment Infra Warburg Pincus, IFC to exit
IFC and Warburg Pincus have sold their stake in Mumbai-based rooftop solar power producer Cleanmax Enviro Energy Energy to Augment Infrastructure, a US investment firm. The deal, a mix of both primary and secondary capital, is worth INR 1,650 crore and provides Augment a controlling stake in the company. Around INR 750 crore of primary capital will help the company expand capacity and support its inorganic growth plans. Warburg Pincus is reported to have made around 18% IRR on its investment in the company. Founded in 2011, Cleanmax offers a range of green power sourcing options including rooftop solar, offsite solar, and wind-solar hybrid.
From the Venture Intelligence PE-VC Deal Database: Between May-11 and Apr-19, Cleanmax raised over INR 1,000 Cr from Warburg Pincus, IFC, Bessemer and UK Climate Investments. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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