CleanMax Solar, which enjoys 24 percent market share in India’s booming rooftop solar market, has secured equity financing of up to USD 100 million from an affiliate of Warburg Pincus.
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, the company said.
Kuldeep Jain, founder and managing director of CleanMax Solar, said, “With this investment, we combine our market leadership in the corporate solar sector with the status of being also the best capitalized company in the space.”
CleanMax’s India 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, Kuldeep added.
Saurabh Agarwal, a Warburg Pincus Managing Director commented, “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.”
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