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CleanMax Solar has raised ₹275 crore in equity funding from UK Climate Investments LLP (UKCI). The investment will support the company’s expansion plans.
UKCI is a joint venture between the Green Investment Group and the UK government’s Department for Business, Energy and Industrial Strategy, and is managed by Macquarie Infrastructure and Real Assets. UKCI is a £200-million pilot investment programme mandated to invest in India and sub-Saharan Africa.
This is the third marquee institutional investor in CleanMax, said the company. It had raised ₹700 crore in 2017 from Warburg Pincus and IFC.
The company’s founder and MD Kuldeep Jain said: “This investment, along with the knowhow of Macquarie, will enable CleanMax to continue being the market leader in the B2B solar sector. We are excited with our aim to enhance our portfolio from 500 MW to 2,000 MW in the next three years.”
The company said it has a 17 per cent market share in rooftop solar and 9 per cent market share in open access solar.
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