Intl business to bring 40% of CleanMax Solar’s revenues - report

Indian rooftop solar developer CleanMax Solar expects up to 40% of its revenues in the next three years to come from foreign markets, mainly the Middle East and South-East Asia, the Press Trust of India (PTI) said on Sunday, citing a company official.

The Indian firm, which earlier this month received a USD-100-million (EUR 85.1m) capital injection from New York-based buyout firm Warburg Pincus, is currently exploring opportunities on the UAE market and plans to soon expand its operations in other countries in the area, managing director Kuldeep Jain told the news agency.

The international expansion will be partly financed from Warburg Pincus’ investment and is seen to result in the generation of between 35% and 40% of CleanMax Solar’s revenues in the following three years, Jain added.

The Mumbai-headquartered firm has installed 90 MW of photovoltaic (PV) capacity at home and currently has a 24% market share there. Its goal will be to reach a similar share in the international markets and double its revenues on a yearly basis after the end of the current fiscal year, for which revenues are seen at up to INR 8 billion (USD 125m/EUR 106m).

In terms of capacity additions, CleanMax Solar expects to boost its PV portfolio to 250 MW by the end of this fiscal year.

(USD 1.0 = EUR 0.851)

(INR 100 = USD 1.558/EUR 1.326)

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