November 30 (Renewables Now) - The International Finance Corporation (IFC), part of the World Bank Group, has made an initial USD-15-million (EUR 12.6m) investment in Indian rooftop solar firm CleanMax Solar.
The Mumbai-based company plans to use the funds to continue its expansion in the corporate segment of India's solar market.
The move marks the IFC’s first investment in the grid-connected distributed generation field around the world, according to a news statement. The investment was made less than six months after CleanMax Solar secured a USD-100-million backing from New York-based buyout firm Warburg Pincus.
Kuldeep Jain, founder and managing director of CleanMax Solar, told The Hindu Business Line that the USD-15-million investment by IFC is part of the Warburg deal. According to the director, the two investors together hold a substantial minority stake.
(USD 1.0 = EUR 0.839)