India’s largest rooftop solar developer for the corporate sector CleanMax Solar on Thursday announced receiving of a 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, who enjoys a 24 percent market share in India’s booming rooftop solar market 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 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,” said founder and managing director of CleanMax Solar, Kuldeep Jain.
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“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. It is likely that we will achieve aggregate capacity of up to 250 MW in 2017-18,” added Kuldeep. On the other hand, Saurabh Agarwal Managing Director, of Warburg Pincus said, “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.”