Mumbai-based CleanMax Solar has secured equity financing of up to $100 million from an affiliate of Warburg Pincus- a global private equity firm focused on growth investing.
With the raised capital, company plans for rapid growth in the rooftop and open access solar power markets in India, while pursuing growth in select international markets (The Middle East and South-East Asia), and growing nascent, yet promising energy storage solutions business.
Commenting on the fund release, 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. We believe that CleanMax is well poised to benefit from the strong growth tailwinds in the sector, and look forward to working with the management team to build a world class enterprise.”
Kuldeep Jain, the former head of energy at McKinsey India has founded CleanMax Solar in 2011. The company develops projects on a turnkey basis, providing power on a per-kWh basis, under long-term Power Purchase Agreements, at rates cheaper than the prevailing grid.
CleanMax 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.
Kuldeep Jain, Founder and Managing Director of CleanMax Solar said, “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. Our India business has grown from 8 MW in 2014-15 to over 100 MW in 2016-17, and is likely to achieve aggregate capacity of up to 250 MW in 2017-18. Warburg Pincus’ investment will enable us to pursue additional growth opportunities beyond India, and provide next generation solutions to our customers through a combination of rooftop solar and energy storage.”
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