Power Update

CleanMax Solar announces equity financing of $100 mn from Warburg Pincus

CleanMax Solar announced that it has secured equity financing of up to $100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing. CleanMax will use the funds to continue its rapid growth in the rooftop and open access solar power markets in India, while pursuing growth in select international markets (Middle East and South-East Asia), and growing the nascent, yet promising energy storage solutions business.

Kuldeep Jain, Founder and Managing Director of CleanMax Solar commented, “CleanMax was founded with the mission of being the sustainability partner for corporates. Companies are leading the world in terms of sustainability aspirations, and today solar power can provide savings upwards of thirty per cent on a customer’s electricity bills with no investment from the customer. Warburg Pincus was a partner of choice for us as they have fabulous track record of partnering entrepreneurs in India over past twenty years.”

Kuldeep adds, “With this investment, we combine our market leadership in the corporate solar sector with the status of being also the best capitalised company in the space. Our India business has grown from 8 MW in 2014-15 to over 100 MW in 2016-17, and is likely to achieve aggregate capacity of up to 250 MW in 2017-18. Warburg Pincus’ investment will enable us to pursue additional growth opportunities beyond India, and provide next generation solutions to our customers through a combination of rooftop solar and energy storage.”

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