IFC may In­vest .₹ 100 crore in Clean Max En­viro En­ergy

The Economic Times - - Disruption: Startups & Tech - Biswarup.Gooptu @times­group.com

New Delhi: In­ter­na­tional Fi­nance Cor­po­ra­tion, the pri­vate sec­tor in­vest­ment arm of the World Bank, could in­vest about ₹ 100 crore in Mum­bai-based re­new­able en­ergy com­pany Clean Max En­viro En­ergy So­lu­tions.

The com­pany, one of In­dia’s largest so­lar so­lu­tions providers, is ex­pected to use the funds pri­mar­ily for con­struc­tion of the pro­posed green­field so­lar projects and com­mis­sion more than 250 MW of so­lar projects over the next three years, ac­cord­ing to a dis­clo­sure made on IFC’s web­site.

The quasi-eq­uity in­vest­ment could see IFC in­vest up to $15 mil­lion in com­pul­so­rily con­vert­ible deben­tures, ac­cord­ing to the dis­clo­sure. Clean Max En­viro En­ergy Solu- tions, founded in 2011 by IIM-Ahmed­abad alum­nus and for­mer McKin­sey se­nior ex­ec­u­tive Kuldeep Jain, is seen as In­dia’s largest provider of on-site so­lar power. Wash­ing­ton, DC-head­quar­tered IFC, which tra­di­tion­ally in­vests from its balance sheet, has emerged as one of the largest pri­vate sec­tor in­vestors in In­dia at a time when growth cap­i­tal in­flows have slowed from the year-ago pe­riod. IFC, which man­ages pri­vate eq­uity and ven­ture cap­i­tal as­sets of about $1 bil­lion glob­ally, fo­cusses on four in­vest­ment seg­ments in which it takes di­rect eq­uity po­si­tions — con­sumer in­ter­net, health­care, ed­u­ca­tion and clean-tech. Clean Max En­viro En­ergy So­lu­tions has in­stalled about 55 MW across on-site and rooftop, as well as off­site and so­lar farms in 10 states across the coun­try, for about 40 clients till date.

While the deal is yet to for­mally close, it could mark the sec­ond ma­jor trans­ac­tion in the broader re­new­able en­ergy sec­tor in In­dia, fol­low­ing Ja­pan’s JERA’s in­vest­ment in Re­New Power, for a re­ported $200 mil­lion, which was an­nounced on Tuesday.

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