IFC may invest Rs 100 crore in renewable energy co Clean Max Enviro Energy
NEW DELHI: International Finance Corporation, the private sector investment arm of the World Bank, could invest about Rs 100 crore in Mumbai-based renewable energy company Clean Max Enviro Energy Solutions.
The company, one of India's largest solar solutions providers, is expected to use the funds primarily for construction of the proposed green-field solar projects and commission more than 250 MW of solar projects over the next three years, according to a disclosure made on IFC's website.
The quasi-equity investment could see IFC invest up to $15 million in compulsorily convertible debentures, according to the disclosure.
Clean Max Enviro Energy Solutions, founded in 2011 by IIM-Ahmedabad alumnus and former McKinsey senior executive Kuldeep Jain, is seen as India's largest provider of on-site solar power.
Washington, DC-headquartered IFC, which traditionally invests from its balance sheet, has emerged as one of the largest private sector investors in India at a time when growth capital inflows have slowed from the year-ago period.
IFC, which manages private equity and venture capital assets of about $1 billion globally, focusses on four investment segments in which it takes direct equity positions -consumer internet, healthcare, education and clean-tech.
Clean Max Enviro Energy Solutions has installed about 55 MW across on-site and rooftop, as well as offsite and solar farms in 10 states across the country, for about 40 clients till date.
While the deal is yet to formally close, it could mark the second major transaction in the broader renewable energy sector in India, following Japan's JERA's investment in ReNew Power, for a reported $200 million, which was announced on Tuesday.
The company, one of India's largest solar solutions providers, is expected to use the funds primarily for construction of the proposed green-field solar projects and commission more than 250 MW of solar projects over the next three years, according to a disclosure made on IFC's website.
The quasi-equity investment could see IFC invest up to $15 million in compulsorily convertible debentures, according to the disclosure.
Clean Max Enviro Energy Solutions, founded in 2011 by IIM-Ahmedabad alumnus and former McKinsey senior executive Kuldeep Jain, is seen as India's largest provider of on-site solar power.
Washington, DC-headquartered IFC, which traditionally invests from its balance sheet, has emerged as one of the largest private sector investors in India at a time when growth capital inflows have slowed from the year-ago period.
IFC, which manages private equity and venture capital assets of about $1 billion globally, focusses on four investment segments in which it takes direct equity positions -consumer internet, healthcare, education and clean-tech.
Clean Max Enviro Energy Solutions has installed about 55 MW across on-site and rooftop, as well as offsite and solar farms in 10 states across the country, for about 40 clients till date.
While the deal is yet to formally close, it could mark the second major transaction in the broader renewable energy sector in India, following Japan's JERA's investment in ReNew Power, for a reported $200 million, which was announced on Tuesday.
