Info
Info
Info

CleanMax Solar Secures $100 Million Equity Financing

News



CleanMax Solar, India’s largest rooftop solar developer for the corporate sector, has announced that it has secured equity financing of up to USD 100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing. CleanMax Solar enjoys 24% market share in India’s booming rooftop solar market (Source: Bridge to India 2017 report) 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.

CleanMax will use the funds to continue its rapid growth in the rooftop and open access solar power markets in India, while pursuing growth in select international markets (Middle East and South-East Asia), and growing the nascent, yet promising energy storage solutions business

Kuldeep Jain, Founder and Managing Director of CleanMax Solar commented, “CleanMax was founded with the mission of being the sustainability partner for corporates. Companies are leading the world in terms of sustainability aspirations, and today solar power can provide savings upwards of thirty percent on a customer’s electricity bills with no investment from the customer. Warburg Pincus was a partner of choice for us as they have fabulous track record of partnering entrepreneurs in India over past twenty years."



Info

“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 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," Kuldeep added.

Saurabh Agarwal, a Warburg Pincus Managing Director commented, “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."

T.V. Mohandas Pai, Chairman, Manipal Global Education Services Pvt. Ltd. said, “The CleanMax Solar team stands out for their growth and performance. For the last 3 years, we have been working with CleanMax as a rooftop solar and sustainability partner for Manipal Education and Medical Group across our Universities and campuses, bringing in-depth knowledge about solar power and innovative solutions to the table. Their execution has been exemplary, quality of service and response is outstanding and pricing very competitive. My best wishes are with the entire CleanMax Solar team for their journey ahead".

Anish Jhaveri, Founder of Oliphans capital, which was an early investor in CleanMax Solar stated, "I've been very impressed by CleanMax Solar’s mission of being a sustainability partner for corporates. They have an impressive team and client roster. I'm confident this raised funds will help them maintain their market leadership position. The reason for our investment was clarity and conviction on scale of opportunity that solar industry presented. It’s all about execution once you have a good set of entrepreneurs – that’s what produces winners in the space".



Ireland's National Mitigation Plan - A Disconnected Plan For An 'All Of Government Approach To Climate Change'
KACO Sells 1.4 Gigawatts Of Inverter Power In The First Half-year
BayWa R.e. Success In Malaysia’s First Ever Large Scale Solar Auction
Cubico Raises US$ 450 Million In Debt For 600 MW Projects In Mexico
Schneider Electric India Commissions 720 KWp Solar Plant At Its Manufacturing Facility In Vadodara
Ascent Solar Delivers First Shipment Of Thin-Film Modules For High Altitude Aerospace Application
Managing Board Of SMA Solar Technology Raises Forecast For Current Fiscal Year
TrinaBESS Achieves More Than 1000 Sets Of TrinaHome Shipment In First Half Of 2017
Feature: The Future Of Renewable Energy Finance Investment
UK Touching 13 GW Of Solar Power Installed
Rochester Group Uses III-V Nanowires To Capture More Solar Energy
Mongoose Energy Announce UK’s Biggest Community Energy Deal
BYD And KOSTAL Partner To Provide High Voltage Energy Storage – Simply Smart Connected
BlackRock Real Assets Closes Spanish Solar Debt Investment
ABB Wins $30 Million Order To Support Integration Of Renewables In Germany
Toshiba Introduces Enterprise-Class SSDs With 64-Layer 3D Flash Memory
Imec Reports Record Perovskite Conversion Efficiency
SFS Program Allows For Energy Storage Without Capital Investment
Cubico Completes Acquisition Of 2 Concentrated Solar Power Plants In Spain
Power Specialist Smith Brothers Sets Its Sights On Solar
More Praise For SOLARWATT As Experts Award Top Rating For PV Panels
Africa’s Largest Telco Partners With Fenix International To Launch Off-grid Solar In Zambia
Greencoat Renewables Raise €270 Million Through Irish IPO
Sunseap Group Receives Investment From Shell

Info
Your First Name
Your Email Address
Next »Close
 
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar Magazine, the Solar Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info