IFC proposes $15m investment in India's Clean Max
The International Finance Corporation (IFC), the investment arm of the World Bank, has proposed a commitment of up to $15 million to Indian solar power company Clean Max Enviro Energy Solutions.
According to a filing, the capital would be used to fund the construction of 250 megawatts of solar projects in the country across the next three years. IFC plans to invest through the acquisition of compulsorily convertible debentures.
Clean Max claims to be India’s leading solar rooftop developer, having delivered more than 200 projects to commercial and industrial customers for a combined 55 MW of power since 2011. The company claimed to have a 28% market share as of June last year. Services include on-site and off-site installations, remote equipment performance monitoring and supply of power from the company’s solar farm.
IFC is an active investor in Indian renewables. Last year, it committed $125 million in equity to help Hero Future Energies set up a 1-gigawatt greenfield solar and wind portfolio in the country. It has also backed domestic solar panel supplier Azure Power and contributed to growth rounds for off-grid power distributor Applied Solar Technologies.
Solar power is considered a fast-growing industry in India, with about 9,000 MW of capacity currently grid-connected and the latest Union Budget targeting a further 20,000 MW to be installed by the end of this year. The country’s overall energy sector is expected to require $250 billion of investment during the next five years, primarily from the private sector.
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