Denmark’s Impact Fund expects doubling of pensions capital invested in Indian renewables developer

CleanMax, an Indian renewable energy company backed by Danish pension funds has listed its shares on India’s National Stock Exchange. Its backers include PensionDanmark, PKA, PFA Pension, ATP, PenSam and P+. Denmark’s Impact Fund, which has also invested in the company, expects a full exit to yield a doubling of capital invested.

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The investment was structured through the Danish SDG Investment Fund I – a blended vehicle combining public and private capital. The initial investment of roughly $29m was made back in 2021. Since then, the company’s renewable energy capacity grew from 472MW to over 2.5GW.

“Electricity consumption in India is among the fastest growing in the world, driven by a growing middle class. It is both fascinating and alarming when you consider that more than 70 percent of electricity generation still comes from coal today”, said Lars Bo Bertram, chief executive of Denmark’s Impact Fund.

“It therefore makes strong sense for us to invest in solar and wind in India, which are both greener and cheaper than new coal fired power plants”, he added.

The listing, Impact Fund Denmark’s first IPO, is set to yield attractive returns for its pension fund investors. “At full exit, the investment is expected to deliver a return equivalent to roughly a doubling of the original capital”, the fund said in a statement.

“This investment shows how Impact Fund Denmark and Danish pension funds, family offices and foundations can scale the green transition together”, Bertram notes.

The stock’s debut on India’s public markets was marked with a 18% drop relative to its issue price. India’s benchmark indices – Sensex and Nifty 50 – both dropped by 1.2% today.