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