New Delhi: CleanMax Solar, Mumbai-based solar power developer, today announced it has raised Rs 275 crore in equity funding from UK Climate Investments LLP (UKCI). The investment will help CleanMax Solar expand its portfolio – facilitating renewable energy buying for corporates through the construction of a network of private solar farms across India. This is the third marquee institutional investor to support the company which has already secured equity financing up to Rs 700 crore from an affiliate of Warburg Pincus and the International Finance Corporation (IFC) in 2017.
“Corporates are quickly adopting renewables sourcing at scale to achieve the twin benefits of profit improvement and carbon footprint reduction. This investment, along with the knowhow of Macquarie will enable CleanMax to continue being the market leader in B2B solar sector,” said Kuldeep Jain, Founder and Managing Director, CleanMax Solar.
He also said the company is aiming to increase its operating capacity portfolio from the current 500 Megawatt (Mw) to 2,000 MW in the next 3 years. The portfolio has grown from 24 MW in 2015-16.
The solar power company had a 17 per cent share in the rooftop solar market and 9 per cent share in the market for open access in commercial and industrial segment in India at the end of March 2018. The firm said in a statement it plans to expand its customer base from 120 corporates currently to 300 corporates by 2022.