CleanMax Solar has announced that it has raised Rs 275 crore in equity funding from UK Climate Investments LLP (UKCI).
UKCI is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy and is managed by Macquarie Infrastructure and Real Assets. UKCI is a £200 million pilot investment programme mandated to invest in India and sub-Saharan Africa.
The investment will help CleanMax Solar expand its portfolio – facilitating renewable energy buying for corporates through the construction of a network of private solar farms across India.
This is the third marquee institutional investor to support the company which has already secured equity financing up to Rs 700 crore from an affiliate of Warburg Pincus and the International Finance Corporation (IFC) in 2017.
Kuldeep Jain, Founder and Managing Director, CleanMax Solar said “Corporates are quickly adopting renewables sourcing at scale to achieve the twin benefits of profit improvement and carbon footprint reduction. This investment, along with the knowhow of Macquarie will enable CleanMax to continue being the market leader in B2B solar sector.” He added “the company is aiming to increase its operating capacity portfolio from the current 500 Megawatt (Mw) to 2,000 MW in the next 3 years.”
CleanMax Solar’s operating capacity has grown from 24 MW in 2015-16 to more than 500 MW in 2018-19, and the company expects to expand its customer base from 120 corporates to 300 corporates by 2022. The company has already expanded its portfolio in the Middle East and is exploring further expansion in other South-East Asian countries.
“CleanMax Solar is helping businesses in one of the world’s fastest growing economies rethink how they produce and consume electricity. Our partnership represents an exciting opportunity to help take their platform to the next level – underpinning investment in new renewable generation capacity whilst accelerating India’s transition to a low-carbon future,” said Richard Abel, managing director of UK Climate Investments.
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