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Warburg Pincus invests USD 100 Million in CleanMax Solar

CleanMax Solar, India’s largest rooftop solar developer for the corporate sector, today announced that it has secured equity financing of up to USD 100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing. CleanMax Solar enjoys 24% market share in India’s booming rooftop solar market (Source: Bridge to India 2017 report) and has numerous marquee clients including the Tata group, the Mahindra group, the TVS group, Carlsberg India, Konecranes India, Carl Zeiss India, Manipal Education and Medical Group, SKF India Limited, Mindtree Limited and Alkem Laboratories Limited.

CleanMax will use the funds to continue its rapid growth in the rooftop and open access solar power markets in India, while pursuing growth in select international markets (Middle East and South-East Asia), and growing the nascent, yet promising energy storage solutions business.

The company had 100MW of assets  in 2016-17 and claims that it is likely to achieve aggregate capacity of up to 250 MW in 2017-18.

 

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