Indian rooftop solar developer CleanMax Solar has secured an equity funding of up to $100m from global private equity firm Warburg Pincus.
CleanMax Solar caters to the corporate sector with clients like the TVS group, the Mahindra group, Carlsberg India, Carl Zeiss, Konecranes India among others.
The solar power company intends to use the funds from the New York-headquartered Warburg Pincus to fuel its growth in the rooftop and open access solar power markets in India.
It also plans to grow in select international markets like the Middle East and South-East Asia, and alongside develop its energy storage solutions business.
CleanMax Solar founder and managing director Kuldeep Jain said: “Warburg Pincus was a partner of choice for us as they have fabulous track record of partnering entrepreneurs in India over past twenty years.”
“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.
Jain added that CleanMax Solar had emerged from 8MW portfolio in 2014-15 to more than 100MW in 2016-17, and by 2017-2018 is looking to reach a total capacity of up to 250MW.
Founded in 2011, the solar energy developer has more than 200 installations covering over 50 corporates.
Warburg Pincus managing director Saurabh Agarwal 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.”