CleanMax Solar has raised Rs 275 crore in equity funding from UK Climate Investments LLP (UKCI). This is the third marquee institutional investor to support the company’s growth ambitions, having secured equity financing up to Rs 700 crore from affiliate of Warburg Pincus and the International Finance Corporation in 2017.
UKCI’s investment will support CleanMax Solar as it expands its renewable energy portfolio – facilitating renewable energy buying for corporates. CleanMax Solar already counts many leading corporates among its clients, including Adobe India, United Breweries, Volvo India, Tata Motors, TVS Group, ACC.
As per BTI 2018 report, CleanMax is one of the market leaders in both rooftop solar and open access solar for the commercial and industrial segment, with a cumulative India market share of 17 per cent in rooftop and 9 per cent in open access solar, respectively, as of March 2018.
UKCI is a joint venture between the Green Investment Group and the UK Government’s department for business, energy and industrial strategy. The fund is managed by Macquarie Infrastructure and Real Assets, and aims to help the world’s developing economies tackle climate change and promote cleaner, greener growth.