According to a statement made by CleanMax Solar, it has been reported that Warburg Pincus, the New York-based private equity firm, has invested $100 million in the company. CleanMax Solar has been rated as India’s largest Rooftop Solar developer and EPC Solutions Provider by The Ministry of New and Renewable Energy (MNRE) and solar consultancy Bridge to India.
The company was founded in 2011 and has already established the largest solar plant for a government academic institute in Karnataka, Bengaluru airport – the first airport to go solar in India.
Kuldeep Jain, Managing Director of CleanMax Solar, says that the company will use the private equity investment to fund growth opportunities outside of India and to improve its product offerings. The stakes that the investor will hold in the company shares after the offering has been made have yet not been disclosed.
CleanMax Solar is aiming to add around 200 to 250 MW of new solar capacity this coming year.
By financial year 2022, Prime Minister Narendra Modi plans to achieve a solar energy target of 100 GW, and to make renewables a major source of energy in India. India has also promised to boost the amount of power coming from sources other than fossil fuels to 40% under the Paris Agreement signed by more than 190 countries.
Author: Aishani Rungta