CleanMax Solar announced that it has been able to secure equity financing to the tune of USD 100 million from Warburg Pincus Funding to further consolidate its position in the Rooftop Solar Market in India.
According to a latest report by Bridge to India, CleanMax Solar enjoys 24% market share in India’s booming rooftop solar market and has number of corporate 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.
Kuldeep Jain, Founder and Managing Director at CleanMax Solar said, “CleanMax was founded with the mission of being the sustainability partner for corporates. Companies are leading the world in terms of sustainability aspirations, and today solar power can provide savings upwards of thirty percent on a customer’s electricity bills with no investment from the customer. Warburg Pincus was a partner of choice for us as they have fabulous track record of partnering entrepreneurs in India over past twenty years.”
In a statement the company claimed that its business has grown from 8 MW in 2014-15 to over 100 MW in 2016-17, and is likely to achieve aggregate capacity of up to 250 MW in 2017-18. And, now part of this funding the company will use topursue additional growth opportunities beyond India, besides providing next generation solutions to its customers through a combination of rooftop solar and energy storage.
Saurabh Agarwal, Managing Director at Warburg Pincus 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.”