Mumbai-based CleanMax Solar has raised $15 million in equity capital from World Bank arm International Finance Corp. Following the investment, IFC will also pick a significant stake in the company, which is kept undisclosed.
American private equity major Warburg Pincus-backed rooftop solar company is a pioneer in the ‘opex model’ in India, where the company puts up solar plants— rooftop or otherwise—at its own cost, and sells the power directly to customers.
The company will deploy the funds for doubling its current capacity over the next three years.
In June, CleanMax had announced $100 million equity investment by Warburg Pincus for an undisclosed stake in the company. The $15 million investment by IFC is part of the $100 million deal with Warburg, something that had not mentioned in June announcement according to Kuldeep Jain, Founder and Managing Director, CleanMax Solar, reported Business Line.
CleanMax Solar acclaimed as the numero uno company in India as a rooftop solar developer with 24 per cent market share, according to Bridge to India May 2017 report
Founded in 2011, CleanMax has successfully installed more than 200 projects for over 50 leading corporate clients. It focuses on providing clean energy to corporates through rooftop and grid-connected solar installations.
The company’s clients include the Tata group, the Mahindra group, TVS group, Mindtree Ltd, United Breweries Ltd, Manipal Education & Medical Group, and SKF India Ltd.
“IFC is a global leader in clean energy investment. This is the first time, anywhere in the world, that World Bank and IFC have made an equity investment in a rooftop solar company,” said Kuldeep Jain, founder and managing director of CleanMax Solar.
In October, another Mumbai-based rooftop solar platform, Oorjan raised $450,000 in seed funding led by Globevestor. The funding round also saw participations from a group of senior directors in banks and financial services companies, including Sayandev Chakravartti, Aditya Sharma, Nisha Pillai and Mayur Bhat.