International Finance Corporation (IFC), a member of the World Bank Group focused exclusively on the private sector, has made an equity investment of USD 15 million in CleanMax Solar. This is IFC’s first equity investment globally in grid-connected distributed generation.
CleanMax Solar is India’s leading sustainability partner for large corporates. As part of this mission, it enjoys the No.1 position in India as a rooftop solar developer with 24% market share (Source – Bridge to India May 2017 report). It is commissioning over 250 MW of open access solar farms to provide power to corporate users. Its marquee clients include the Tata Group, The Mahindra Group, TVS Group, Mindtree Limited, Adobe India, United Breweries Limited, Manipal Education & Medical Group, and SKF India Limited.
This investment by IFC is in conjunction with the $100m investment made by Warburg Pincus, a global private equity fund, in CleanMax earlier this year. CleanMax will deploy the funds to continue its rapid growth in the corporate segment of India’s solar market.
Kuldeep Jain, Founder and Managing Director of CleanMax Solar commented, “IFC is a global leader in clean energy investment, and CleanMax is honored to be their first investment globally in grid connected distributed generation. We welcome IFC’s best in class environmental, health & safety, and governance guidelines”.
Hyun-Chan Cho, Regional Industry Head, Infrastructure & Natural Resources, IFC, commented, “IFC sees distributed generation segment playing a very important role in India’s future energy mix. The government of India has also laid strong emphasis on this segment. In a short span of time, CleanMax Solar has established itself as the market leader in corporate sustainability space, with an impressive client list and a strong management team which has contributed to our decision to invest in the company”.
CleanMax Solar business has grown from 8 MW in 2014-15 to nearly 100 MW in 2016-17, and is expected to add an additional 300 MW of capacity in 2017-18. The company also recently made its first foray into international markets with projects in the Middle East.
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