CleanMax Solar bags US$100 million financing from Warburg Pincus

Facebook
Twitter
LinkedIn
Reddit
Email
Credit: CleanMax

Indian rooftop PV specialist CleanMax Solar has secured equity financing of up to US$100 million from an affiliate of global private equity firm Warburg Pincus, in order to continue growth in the rooftop and open access solar power markets in India, as well as the Middle East and Southeast Asia.

The firm will also use the funds to work on solar-plus-storage solutions.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

CleanMax Solar holds a 24% market share in India’s rooftop solar market, according to consultancy firm Bridge to India. From 8MW in 2014/15 the firm grew to over 100MW in 2016/17, and expects to achieve aggregate capacity of up to 250MW in the current financial year. The rapid growth is in line with India’s overall rooftop market, which after a slow start compared to utility-scale, is now seeing notable deployment, with roughly 1.25GW installed.

CleanMax Solar built Karnataka’s first open access solar farm of 30MW capacity, in the Tumkur district, and operates multiple C&I solar farms across the states of Karnataka and Tamil Nadu, with a combined capacity more than 60MW.

Kuldeep Jain, founder and managing director of CleanMax Solar, said: “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 30% 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.”

Two central government policies of late also look set to help rooftop solar in India.

Read Next

September 17, 2025
Spanish renewables developer and operator Acciona Energía has commissioned its 412MWp Juna solar PV plant in Kawani village in the western state of Rajasthan. 
September 16, 2025
IB Solar is investing INR30 billion (US$340 million) in a 4GW TOPCon solar cell and module manufacturing plant in Jewar, Uttar Pradesh.
September 15, 2025
Norwegian energy firm Statkraft has agreed to divest a portion of its renewable energy portfolio to Serentica Renewables.
September 15, 2025
Vikram Solar has secured a contract to supply 200MW of modules to AB Energia, a domestic solar engineering, procurement, and construction (EPC) solutions provider. 
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
September 10, 2025
Indian solar module manufacturer Vikram Solar reported a 79.7% year-on-year increase in revenue for the first quarter of FY26.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA