Macquarie platform invests $39m in India's CleanMax

Founded in 2011, CleanMax pursues both rooftop and grid-scale solar power solutions for corporate and industrial customers, with a total rooftop solar operating capacity of more than 170 megawatts and solar farms with a capacity of 330 MW. It has six offices in India and the Middle East, serving clients in the automotive, education, pharmaceuticals, and information technology industries.

Previous investments in CleanMax include a INR200 million ($4.5 million) commitment by Bessemer Venture Partners in 2011 and investments of $15 million and $100 million in 2017 by the International Finance Corporation (IFC) and Warburg Pincus, respectively. The new capital will be used for the expansion of CleanMax’s solar farm network.

“Corporates are quickly adopting renewables sourcing at scale to achieve the twin benefits of profit improvement and carbon footprint reduction,” said Kuldeep Jain, founder of CleanMax, in a statement. “This investment, along with the knowhow of Macquarie, will enable CleanMax to remain the market leader in the B2B solar sector. We are excited with our aim to enhance our portfolio from 500 MW to 2000 MW in the next three years.”

UKCI is a joint venture between the UK government’s Department for Business, Energy, and Industrial Strategy and the Green Investment Group (GIG), a global clean energy investment platform created by the UK government in 2012 and acquired by Macquarie in 2017. The program is capitalized with GBP200 million ($259 million) to invest in India and sub-Saharan Africa, seeking to mobilize additional private capital investments to support transformational green energy developers.

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• Topics
• South Asia
• Cleantech
• Infrastructure
• Expansion
• India
• energy
• Macquarie Group
• Growth capital