IFC backs grid-connected distributed generation with CleanMax Solar investment

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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

June 18, 2021
UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) has signed an agreement to invest in a 250MW solar plant in Rajasthan, India
June 16, 2021
EQT infrastructure has announced a takeover bid for Solarpack, which owns approximately 450MW of operational solar PV projects.
June 16, 2021
Azure Power Global saw its cost of deploying solar fall by nearly 19% last year, but the company still recorded a net loss of US$38.1 million in the quarter ending 31 March 2021 despite a year-on-year increase in revenue.
June 7, 2021
India’s rising renewable power capacity could render the country’s 33GW of coal-fired power plants under construction unviable.
June 3, 2021
Oslo headquartered renewable power producer Scatec has announced a new partnership with ACME to develop a 900MW solar power plant in the state of Rajasthan, India.
May 28, 2021
India installed just over 2GW of solar in Q1 2021 as the country rebounded from COVID-19 related delays, however full-year installs could fall to well below previous estimates, one forecast suggests.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021