IFC bets on green power, in­vests US$ 15 mil­lion in CleanMax So­lar

Electronics Bazaar - - Industry News -

Reaf­firm­ing its green cre­den­tials, the In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC) has made an eq­uity in­vest­ment of US$ 15 mil­lion in CleanMax So­lar.

This is IFC’s first eq­uity in­vest­ment in grid-con­nected

dis­trib­uted generation glob­ally. CleanMax So­lar, a lead­ing sus­tain­abil­ity part­ner for large cor­po­rates with its head of­fice in Mum­bai, en­joys the top po­si­tion in In­dia as a rooftop so­lar de­vel­oper with 24 per cent mar­ket share, ac­cord­ing to Bridge to In­dia’s May 2017 re­port.

The com­pany is com­mis­sion­ing over 250MW of open ac­cess so­lar farms to pro­vide power to cor­po­rate users. Its mar­quee clients in­clude the Tata Group, the Mahin­dras, the TVS Group, Mindtree, Adobe In­dia, United Brew­eries Ltd, the Ma­ni­pal Ed­u­ca­tion and Med­i­cal Group, and SKF In­dia.

This in­vest­ment by IFC is in con­junc­tion with the US$ 100 mil­lion that War­burg Pin­cus, a global pri­vate eq­uity fund, in­vested in CleanMax last year. CleanMax will de­ploy the funds to con­tinue its rapid growth in In­dia’s so­lar mar­ket.

CleanMax So­lar’s power ca­pac­ity has grown to nearly 100MW in 2016-17, from 8MW in 2014-15; it is ex­pected to add an ad­di­tional 300MW of ca­pac­ity in 2017-18. The com­pany re­cently made its first foray into in­ter­na­tional mar­kets with projects in the Mid­dle East.

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