Clean Max Enviro Energy set to gain big from India’s big data centre push

As more corporates embrace renewable energy and a low carbon footprint, Clean Max Enviro Energy Solutions is seeing strong traction.

The country’s largest industrial and commercial renewable energy provider has a contracted portfolio of 5.97 GW, of which 2.80 GW is currently operational, and it will deliver 3.17 GW in the next two years, according to its top official.

“It took us nearly 15 years to get to 3 GW of operational capacity, but we will replicate that in the next two years. These are long-term contracts, on average for a duration of 23 years. So, there’s a lot of long-term revenue visibility that you get in this business,” said Kuldeep Jain, the managing director of Clean Max Enviro.

The company is likely to be a big beneficiary of India’s rapid push planned in the fields of data centres and artificial intelligence. As of October 2025, 43.51 per cent of its operating and contracted yet-to-be-executed capacity was for datacentres and AI customers, Jain pointed out.

“In March 2024, data and AI as a customer segment for us was about 250 MW. It’s risen to about 2,300 MW between March 2024 and October 2025. So, nearly half of our capacity is now for data and AI, which has seen an explosion of growth,” he noted.

The Mumbai-based company, backed by Canadian investor Brookfield, is going public with the initial public offering priced in the Rs 1,000 to Rs 1,053 a share range. The overall issue size has been reduced to Rs 3,100 crore compared with the earlier planned Rs 5,200 crore, according to the company’s draft papers filed back in August.

It is worth noting that the company raised around Rs 1,200 crore in a pre-IPO round earlier this month, with companies like Temasek and Bain Capital leading the funding round.

The IPO includes a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore.

Promoters, including Kuldip Jain and Brookfield, as well as a few other investors, are paring their stake in the company through the OFS.

The shareholding of Jain and related entities will come down to 27.98 per cent post-IPO from 33.57 per cent at the time of the red herring prospectus. Brookfield’s shareholding will fall to 21.09 per cent from 31.42 per cent. Augment India Holdings LLC is paring its stake down to 9.42 per cent from 15.26 per cent.

The issue will open for subscription on February 23 and close on February 25.

The company will use the proceeds from the fresh issue of shares to repay or prepay certain outstanding borrowings.

It was a record year for IPOs in 2025, when 103 companies raised close to Rs 1.76 lakh crore from the primary market, according to Prime Database. In January 2026, there were only three issues, but things may be looking up. Currently, apart from Clean Max Enviro, Gaudium IVF and PNGS Reva Diamond Jewellery are among a few other companies going public in the coming weeks.