This is IFC’s first fairness funding globally in grid-connected dispensed era.
This funding through IFC is in conjunction with the $100m funding made through Warburg Pincus, an international personal fairness fund, in CleanMax previous this 12 months. CleanMax will deploy the price range to proceed its fast expansion in the company section of India’s sun marketplace.
Kuldeep Jain, Founder and Managing Director of CleanMax Solar commented, “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 and safety, and governance guidelines”.
Hyun-Chan Cho, Regional Industry Head, Infrastructure & Natural Resources, IFC, commented, “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 trade has grown from eight MW in 2014-15 to almost 100 MW in 2016-17, and is predicted so as to add an extra 300 MW of capability in 2017-18. The corporate additionally just lately made its first foray into world markets with tasks in the Middle East.