The company is solely into providing renewable energy from solar to corporate houses and industries.
Solar energy provider CleanMax Solar has raised Rs 275 crore from Macquarie-managed UK Climate Investments as part of its latest fundraising round. With this, it looks to increase its portfolio to up to 2,000 mw.
UK Climate Investments is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. The fund is managed by the world’s largest infrastructure manager Macquarie Infrastructure and Real Assets.
This is the third marquee institutional investor which has supported the Mumbai-based renewable energy player. In the earlier two rounds in 2017, it had secured equity financing of up to Rs 700 crore from the affiliate of Warburg Pincus and International Finance Corporation.
UK Climate Investments’ equity funding will support CleanMax Solar to expand its renewable energy portfolio, which will facilitate renewable energy buying for corporates through the construction of a network of private solar farms across India.
The company is solely into providing renewable energy from solar to corporate houses and industries. It is into both rooftop solar and open access solar for the commercial and industrial segment, with a cumulative India market share of 17 per cent in rooftop and 9% in open access solar, respectively, as of March 2018. UBS Securities India was the sole financial advisor to CleanMax Solar on this latest transaction.
Development of a strong bond
Commenting on the funding raising, Kuldeep Jain, founder and managing director of CleanMax Solar, said, “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 know-how of Macquarie will enable CleanMax to continue being the market leader in B2B solar sector. We are excited with our aim to enhance our portfolio from 500 mw to 2000 mw in the next three years.”
Post announcement, in a statement, British High Commissioner to India, Sir Dominic Asquith said, “This investment showcases how the UK and India are working together to promote mutual prosperity, clean growth and investment. The UK and India are at the cutting edge of finance and technology, jointly tackling global challenges like climate change and creating market opportunities for the rest of the world.”
