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CleanMax Solar pockets USD 39m from Macquarie-managed fund

Rooftop solar system in India. Author: Coshipi (clive.semmens.org.uk). Licensed under CC BY-SA via Flickr.

April 24 (Renewables Now) - Indian rooftop solar firm CleanMax Enviro Energy Solutions Pvt Ltd, also known as CleanMax Solar, today said it has secured INR 2.75 billion (USD 39.3m/EUR 35.1m) in equity financing from UK Climate Investments LLP (UKCI).

UKCI is a joint venture between the Green Investment Group (GIG) and the UK government’s department for business, energy and industrial strategy and is managed by Macquarie Infrastructure and Real Assets.

Mumbai-based CleanMax Solar intends to use the fresh funds to expand its renewable energy portfolio and build a network of private solar parks in India, boosting the company’s existing product lines in the rooftop and open-access solar segments. The UKCI financing will also support CleanMax Solar’s growth in new domestic markets, such as those in Andhra Pradesh, Uttar Pradesh, Haryana and Gujarat.

The transaction represents the UK Climate Investments’ third investment in India, where it has so far channelled GBP 90 million (USD 116.3m/EUR 103.8m), the company’s senior vice president and director Amit Rama told VCCircle. In 2017, CleanMax Solar secured a USD-100-million backing from New York-based buyout firm Warburg Pincus and got a USD-15-million investment by the World Bank’s International Finance Corporation (IFC).

According to VCCircle, CleanMax Solar’s operating photovoltaic (PV) capacity exceeds 500 MW, while in the next three years the company will aim to expand it to 2,000 MW.

(INR 10 = USD 0.143/EUR 0.128)

(GBP 1.0 = USD 1.292/EUR 1.153)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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