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Dec, 02 2017

IFC invests $15 million in CleanMax Solar

CleanMax Solar business has grown from 8 MW in 2014-15 to nearly 100 MW in 2016-17, and is expected to add an additional 300 MW of capacity in 2017-18.

International Finance Corporation (IFC) has invested $15 million as its first equity investment globally in grid-connected distributed generation an equity investment in CleanMax Solar. This investment is in conjunction with the $100m investment made by Warburg Pincus, a global private equity fund, in CleanMax earlier this year.

Kuldeep Jain, Founder and Managing Director of CleanMax Solar commented, “IFC is a global leader in clean energy investment, and CleanMax is honored to be their first investment globally in grid connected distributed generation. We welcome IFC’s best in class environmental, health and safety, and governance guidelines”.

Hyun-Chan Cho, Regional Industry Head, Infrastructure & Natural Resources, IFC, said, “IFC sees distributed generation segment playing a very important role in India’s future energy mix. The government of India has also laid strong emphasis on this segment. In a short span of time, CleanMax Solar has established itself as the market leader in corporate sustainability space, with an impressive client list and a strong management team which has contributed to our decision to invest in the company”.

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