News Digest

30 November 2017
CleanMax Solar raises $15 million from World Bank&

American private equity major Warburg Pincus-backed rooftop solar company CleanMax Solar has raised $15 million in equity capital from World Bank arm International Finance Corp. (IFC), said a senior executive of the firm. CleanMax Solar focuses on providing clean energy to corporates through rooftop and grid-connected solar installations. The company was founded in 2011, and has successfully installed more than 200 projects for over 50 leading corporate clients. The company's clients include the Tata group, the Mahindra group, TVS group, Mindtree Ltd, United Breweries Ltd, Manipal Education & Medical Group, and SKF India Ltd. The funding by IFC takes CleanMax's total institutional fund-raising to $100 million. In July, Warburg Pincus invested in CleanMax. “IFC is a global leader in clean energy investment. This is the first time, anywhere in the world, that World Bank and IFC have made an equity investment in a rooftop solar company,” said Kuldeep Jain, founder and managing director of CleanMax Solar.

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