Cleanmax Solar are one of India's most trsuted providers of rooftop solar systems to corporates in the commercial and industrial segment.Recently the company raised $39 million in an investment from the United Kingdom (UK) Climate Investments LLP (UKCI) which is a joint venture between UK Green Investment Bank plc (GIB) and the UK Government's Department for Energy and Climate Change (DECC).
UKCI is a pilot investment program in India and sub-Saharan Africa of £ 200 million. This is the third institutional investor to invest in the company, which in 2017 had previously raised some 700 crore equity funding from Warburg Pincus and International Finance Corp.
The funds procured will aid CleanMax Solar's business expanison plans and also the development of a nationwide network of solar photovoltaic farms (PV) for corporates.
UKCI's investment will support CleanMax Solar as it expands its portfolio of renewable energy – facilitating corporate purchases of renewable energy by building a network of private solar farms across India.
Commenting on the recents investments, the founder and managing director of CleanMax Solar, Kuldeep Jain said, , “Corporates are quickly adopting renewables sourcing at scale to achieve the twin benefits of profit improvement and carbon footprint reduction. This investment, along with the know-how 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 2000 MW in the next three years.”
Speaking of their interest in CleanMax Solar, UK Climate Investments Managing Director Richard Abel 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.”
On this transaction, UBS Securities India Private Limited was CleanMax's sole financial advisor.
This is the third time that CleanMax Solar has successfully raised investments. CleanMax raised $ 15 million from the International Finance Corporation (IFC), a member of the World Bank Group, in November 2017. IFC has invested in the company's convertible debentures. IFC acquired an equity stake in a distributed-generation company for the first time.
CleanMax also raised $ 100 million in equity funding from the private equity firm based in New York, Warburg Pincus in 2017.