Cleanmax Solar, India’s largest rooftop solar developer, has raised Equity funding of whopping $100 Million from Warburg Pincus, the New York-based private equity firm. The firm will use the funding for expanding their opportunities outside India.
The Mumbai-based firm started in 2010 is India’s largest provider of on-site solar power. Cleanmax journey began in the year 2011 and since then, the company has successfully delivered more than 200 solar rooftop projects, with a combined capacity of 55 MWp and has numerous marquee clients including the Tata group, the Mahindra group, the TVS group, Carlsberg India, Konecranes India, Carl Zeiss India, Manipal Education and Medical Group, SKF India Limited, Mindtree Limited and Alkem Laboratories Limited.
Kuldeep Jain, Founder and Managing Director of CleanMax Solar commented, “With this investment, we combine our market leadership in the corporate solar sector with the status of being also the best-capitalized 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 an 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.”
CleanMax is also possibly the first renewable energy company that Warburg Pincus has backed in India since it entered the country two decades ago. In 2015, the company received $2.58 million as a seed investment from a clutch of investors.
Commenting on the investment, Saurabh Agarwal, Warburg Pincus Managing Director said, “CleanMax Solar is a leader in the Indian solar rooftop market, providing customers with cost-efficient and environmentally friendly solutions to meet their energy requirements. We believe that CleanMax is well poised to benefit from the strong growth tailwinds in the sector, and look forward to working with the management team to build a world-class enterprise.”
Prime Minister Narendra Modi is working to make renewable a major energy source with a solar energy target of 100 gigawatts by 2022, second only to China, enticing overseas investment. Under the Paris Agreement signed by more than 190 countries, India has promised to boost the amount of power coming from sources other than fossil fuels to 40 percent from about 30%. Read more news about Indian Business Market.