NIIF, I Squared, Brookfield in talks to buy CleanMax

07 Nov 2022 CW Team

I Squared Capital, Brookfield and National Investment and Infrastructure Fund (NIIF) are in the early stages of discussions for acquiring rooftop solar power producer CleanMax Enviro Energy Solutions. The potential buyers have submitted non-binding bids recently, said two persons aware of the development. The proposed deal will value CleanMax at $1 billion, inclusive of its debt.

At present, US-based Augment Infrastructure owns a majority stake in CleanMax. Last year, Augment Infrastructure acquired a majority stake from Warburg Pincus and IFC in Rs 1,650-crore deal, which included primary capital infusion.

Investment bank Rothschild is the advisor for the stake sale. According to sources, other global infrastructure investors such as Canadian fund CPP Investments (CPPIB) and Australian major Macquarie are also considering this transaction. However, this information could not be confirmed.

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