Cleanmax solar to get equity financing of $100 million from Warburg Pincus

Indian rooftop solar developer Cleanmax Solar has secured equity financing of up to $100 million from an affiliate of investment firm Warburg Pincus. According to the company, Cleanmax will use the funding »to continue its rapid growth in the rooftop« and open access solar power markets in India, while pursuing growth in select international markets like Middle East and South-East Asia, and growing the nascent energy storage solutions business. The company’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, says Kuldeep Jain, founder and Managing Director of Cleanmax.
According to consultancy Bridge to India, Cleanmax Solar enjoys 24 percent market share in India’s rooftop solar market. Warburg Pincus LLC is a global private equity firm focused on growth investing with more than $44 billion in private equity assets under management.
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