IGI Logo

Canadian investor Brookfield said on Thursday it had acquired a controlling stake in Indian solar-panel maker CleanMax Enviro Energy Solutions for $360 million.

Brookfield did not specify the size of the stake it acquired but the deal deepens Brookfield's presence in India, where it has already invested billions in private equity and real estate.

CleanMax operates solar and wind farms as well as rooftop panels for corporate clients in India including Bengaluru airport.

It generates 1.6 gigawatts of clean energy and helps offset 2.5 million tons of carbon dioxide a year, the company said.

“Indian corporates are well aligned with and actively working towards supporting the government’s net zero goals. CleanMax has a proven track record of being an efficient partner to C&I (commercial and industrial) customers, enabling them to achieve their decarbonisation targets," said Nawal Saini, managing director, renewable power & transition, Brookfield.