CleanMax Solar raises Rs 275 crore from UK fund

CleanMax Solar, one of India’s largest providers of renewable energy for corporate, has raised Rs. 275 crore in equity funding from UK Climate Investments LLP (UKCI). This is the third marquee institutional investor to support the company’s growth ambitions, having secured equity financing up to Rs. 700 crore from affiliate of Warburg Pincus and the International Finance Corporation in 2017.

CleanMax has a cumulative India market share of 17 per cent in rooftop and nine per cent in open access solar, respectively, as of March 2018 (as per BTI 2018 report).

Kuldeep Jain, Founder and Managing Director of CleanMax Solar elaborated, “Corporates are quickly adopting renewable 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. We are excited with our aim to enhance our portfolio from 500 MW to 2,000 MW in the next three years.”

Richard Abel, Managing Director of UK Climate Investments, said: “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.”

British High Commissioner to India, Sir Dominic Asquith said: “This investment showcases how the UK and India are working together to promote mutual prosperity, clean growth and investment. This unique partnership marries City of London green finance expertise with the innovation of Indian business to deliver clean energy solutions. The UK and India are at the cutting edge of finance and technology, jointly tackling global challenges like climate change and creating market opportunities for the rest of the world.”