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CleanMax Solar, a leading rooftop solar developer, has raised ₹275 core (~ US$39 million) in investment from the United Kingdom (UK) Climate Investments LLP (UKCI), which is a joint venture between the Green Investment Group and the U.K. Government’s Department for Business, Energy and Industrial Strategy.

The funds will help support CleanMax Solar’s business expansion and development of a nationwide network of solar photovoltaic (PV) farms for corporates.

UKCI’s investment will support CleanMax Solar as it expands its renewable energy portfolio – facilitating renewable energy buying for corporates through the construction of a network of private solar farms across India.


Kuldeep Jain, the 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.”

Speaking about their interest in CleanMax Solar, Richard Abel, the managing director of UK Climate Investments, said, “CleanMax Solar is helping businesses in one of the world’s fastest-growing economies rethink how they produce and consume electricity. Our partnership represents an exciting opportunity to help take their platform to the next level – underpinning investment in new renewable generation capacity whilst accelerating India’s transition to a low-carbon future.”

UBS Securities India Private Limited was the sole financial advisor to CleanMax on this transaction.

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This is the third time that CleanMax Solar has successfully raised equity financing. In November 2017, CleanMax raised $15 million (~₹964.5 million) investment from the International Finance Corporation (IFC), a member of the World Bank Group. IFC invested in convertible debentures in of the company. This was the first time IFC acquired an equity stake in a distributed-generation firm.

Last year in July, CleanMax Solar had secured equity financing of about $100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing.

Recently, its subsidiary CleanMax IPP received ₹1.58 billion ($22.6 million) in a loan from PTC India Financial Services to refinance earlier loan.

CleanMax Solar emerged as the top rooftop solar installer in 2018 followed by Fourth Partner Energy, whereas Tata Power still has the largest cumulative installations in the solar rooftop segment. These findings were revealed in Mercom’s newly released India Solar Market Leaderboard 2019 report that covers market share and shipment rankings across the Indian solar supply chain in 2018.

The Indian solar market installed 8,263 MW in CY 2018, down 15.5% compared to 9,782 MW in CY 2017 as the safeguard duty, GST issues, and land and transmission issues took a toll on the large-scale installations, according to report by Mercom India Research.

Early this year, an another solar rooftop startup, ZunRoof, had raised an undisclosed sum in the third round of angel funding from angel investors including Ramakant Sharma, Founder of Livspace and Arun Diaz of IntelleGrow along with the lead investors of ZunRoof’s previous round.

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A month before that, Reliance Industrial Investments and Holdings Limited (‘RIIHL’), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries Ltd, announced to acquire Kanoda Energy Systems, an Ahmedabad-based renewable energy services firm that offers services in solar advisory, product design and technology validation. RIIHL is picking up a controlling stake of 88% for ₹ 75 crore (about $10.7 million), in an all-cash deal.

Last year in April, Gurgaon headquartered ReNew Power acquired of Delhi-based solar energy sartup Ostro Energy Private Limited for whopping $1.5 billion, to create the India’s largest clean energy firm by installed capacity.

Last June, Hyderabad-based solar energy solution startup Fourth Partner Energy had raised $70 million in Series B funding from The Rise Fund, a global impact investment fund managed by TPG Growth.

The above news was first reported at Mercomindia.com

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