Reaffirming its green credentials, the International Finance Corporation (IFC) has made an equity investment of USD 15 million in CleanMax Solar.
This is IFC’s first equity investment in grid-connected distributed generation globally, an official statement stated today.
CleanMax Solar, a leading sustainability partner for large corporates, enjoys the No. 1 position in India as a rooftop solar developer with 24 per cent market share, according to Bridge to India May 2017 report.
It is commissioning over 250 MW of open access solar farms to provide power to corporate users.
Its marque clients include the Tata group, the Mahindras, the TVS group, Mindtree, Adobe India, United Breweries Ltd, the Manipal Education and Medical Group, and SKF India.
This investment by IFC is in conjunction with the USD 100 million put in by Warburg Pincus, a global private equity fund, in CleanMax earlier this year.
CleanMax will deploy the funds to continue its rapid growth in India’s solar market.
CleanMax Solar founder and MD Kuldeep Jain said: “IFC is a global leader in clean energy investment, and CleanMax is honoured to be their first investment globally in grid connected distributed generation. We welcome IFC’s best in class environmental, health & safety, and governance guidelines.”
IFC Regional Industry Head (Infrastructure & Natural Resources) Hyun-Chan Cho said, “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 to nearly 100 MW in 2016-17, from 8 MW in 2014-15, and is expected to add an additional 300 MW of capacity in 2017-18. The company recently made its first foray into international markets with projects in the Middle-East.