Warburg Pincus exploring CleanMax stake sale

Global private equity firm Warburg Pincus Llc is exploring stake sale in CleanMax, said two people aware of the development.

Despite the coronavirus pandemic, deal activity continues unabated in India’s green energy space. In what may rank among the largest solar rooftop and commercial and industrial (C&I) segment deals in India, the PE firm may be shortly appointing a banker to run the sale process.

The other investors in the firm are International Finance Corporation (IFC) and UK Climate Investments LLP (UKCI), a joint venture between Green Investment Group and the UK government’s department for business, energy and industrial strategy. UKCI is managed by Macquarie Infrastructure and Real Assets.

Spokespersons for Warburg Pincus, IFC and Macquarie declined comment.

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