IFC backs grid-connected distributed generation with CleanMax Solar investment

November 30, 2017
Facebook
Twitter
LinkedIn
Reddit
Email
CleanMax Solar is a leader in corporate PPAs for the Indian PV market and holds a 24% market share. Credit: IFC/CleanMax Solar

The International Finance Corporation (IFC) has made an equity investment of US$15 million in Indian rooftop solar specialist CleanMax Solar, the financier’s first foray into grid-connected distributed generation.

CleanMax Solar is a leader in corporate PPAs for the Indian PV market and holds a 24% market share, according to consultancy firm Bridge to India’s May 2017 market report.

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

The firm’s client list includes: Tata Group, The Mahindra Group, TVS Group, Mindtree Limited, Adobe India, United Breweries Limited, Manipal Education & Medical Group, and SKF India Limited.

This investment by IFC complements the US$100 million investment made by Warburg Pincus, a global private equity fund, in CleanMax earlier this year. CleanMax will deploy the funds to continue its rapid growth in the corporate segment of India’s solar market.

Panellists at last week’s Solar and Off-Grid Renewables Southeast Asia (SORSEA) conference in Bangkok, hosted by our publisher Solar Media, said that Corporate PPAs are set to take a significant chunk of the Asian PV market in the next 3-5 years, and Jerome Baco, COO of Singapore-headquartered rooftop PV corporate PPA specialist CleanTech Solar said that India’s corporate PPA market was the most mature and was driving high levels of business at present.

Kuldeep Jain, founder and managing director of CleanMax Solar, said: “IFC is a global leader in clean energy investment, and CleanMax is honored to be their first investment globally in grid connected distributed generation. We welcome IFC’s best in class environmental, health & safety, and governance guidelines”.

Hyun-Chan Cho, regional industry gead, Infrastructure & Natural Resources, IFC, said: “IFC sees distributed generation segment playing a very important role in India’s future energy mix. The government of India has also laid strong emphasis on this segment. In a short span of time, CleanMax Solar has established itself as the market leader in corporate sustainability space, with an impressive client list and a strong management team which has contributed to our decision to invest in the company”.

CleanMax Solar had 100MW deployed in 2016-17, and is expected to add an additional 300MW of capacity in 2017-18. The company also recently made its first foray into international markets with projects in the Middle East.

Read Next

October 27, 2025
Waaree Energies has secured four solar module supply contracts totalling 692MW – three for projects in India and one in the US through its subsidiary.
October 27, 2025
Premier Energies has acquired a 51% stake each in transformer maker Transcon and inverter producer KSolare Energy. 
October 16, 2025
Jakson Green and Blueleaf Energy have reached financial close for the 840MWp Bikaner solar projects in Rajasthan, western India. 
October 15, 2025
Wood Mackenzie has warned of a supply bottleneck as the renewable energy shift drives a spike in global copper demand over the next decade.
October 15, 2025
Ciel & Terre has launched a new floating PV structure designed to address the increasingly large scale of floating solar projects.
October 15, 2025
Indian module manufacturer Saatvik Green Energy, through its subsidiary Saatvik Solar Industries, has secured solar PV module orders worth INR6.89 billion (US$78 million).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany