Investment to support business expansion and the development of a nationwide network of private solar farms for corporates
CleanMax Solar, India’s largest provider of renewable energy for corporates has raised INR 275crore in equity funding from UK Climate Investments LLP (UKCI). This is the third marqueeinstitutional investor to supportthe company’s growth ambitions, havingsecured equity financing up to INR 700 Crore from affiliate of Warburg Pincus and the International Finance Corporation in 2017.
CleanMax is a market leader in both rooftop solar and open access solar for the commercial and industrial (C&I)segment, with a cumulative India market share of 17% in rooftop and 9% in open access solar, respectively, as of March 2018 (As per BTI 2018 report).
UKCI’s investment will support CleanMax Solaras it expands its renewable energy portfolio –facilitating renewable energy buying for corporates through the construction of a network of private solar farms across India.CleanMax Solar already counts many leading corporates among its clients, including Adobe India, United Breweries, Volvo India, Tata Motors, TVS Group, ACC, SKF, Mahindra Group and others.
UKCI is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. The fundis managed by the world’s largest infrastructure manager, Macquarie Infrastructure and Real Assets, and aims to help the world’s developing economies tackle climate change and promote cleaner, greener growth. UBS Securities India Private Limited was the sole financial advisor to CleanMax on this transaction.
Kuldeep Jain, Founder and Managing Director of CleanMax Solar elaborated,“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 knowhow 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 3 years.”
Speaking about their interest in CleanMax Solar, Richard Abel, 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.”
British High Commissioner to India, Sir Dominic Asquith said: “This investment showcases how the UK and India are working together to promote mutual prosperity, clean growth and investment. This unique partnership marries City of London green finance expertise with the innovation of Indian business to deliver clean energy solutions. The UK and India are at the cutting edge of finance and technology, jointly tackling global challenges like climate change and creating market opportunities for the rest of the world.”
CleanMax Solar’s operating capacity has grown from 24 MWp in 2015-16 to more than 500 MWpin 2018-19, and the company expects to expand its customer base from 120 corporates to 300 corporates by 2022.
About CleanMax Solar
CleanMax Solar is India’s largest provider of solar power to corporates and Institutions. The company was founded in 2011, and since then, CleanMax Solar has successfully installed more than 350 projects for over 120 corporates, with a combined on-site operating capacity of more than 170 MWp. CleanMax Solar also operates 330 MWp of private solar farms in Karnataka and Tamil Nadu, for supplying electricity to its corporate customers. With clients spanning sectors such as Automobiles, Education, Pharmaceuticals, Food & Beverages, and Information Technology, the company develops projects on a turnkey “Energy Scale” model, providing power on a per-kWh basis, under long-term Power Purchase Agreements, at rates cheaper than prevailinggrid tariffs.
CleanMax Solar was the first Indian company to win the prestigious Transformational Business Awards 2018 by Financial Times (FT) and International Finance Corporation (IFC) in the ‘Achievement in Transformational Infrastructure’ category. CleanMax Solar has been recognized by the Ministry of New & Renewable Energy (Government of India) with National Excellence Awards for Rooftop Solar Developer and Rooftop Solar EPC Player in 2016.
The company has already expanded its portfolio in the Middle East and is exploring further expansion in other South-East Asian countries.
For more information, log onto www.cleanmaxsolar.com
About UK Climate Investments
UKCI is a £200 million pilot investment programme mandated to invest in India and sub-Saharan Africa. It targets transformational green energy investments where UKCI capital can mobilise additional private sector capital on a sustainable basis to promote cleaner, greener growth in these developing economies. UK Climate Investments LLP (UKCI) is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy.It forms part of the UK’s International Climate Finance, which is a UK Government commitment to support emerging markets and developing countries respond to the challenges and opportunities of climate change.
About Macquarie Infrastructure and Real Assets
Macquarie Infrastructure and Real Assets (MIRA) is one of the world’s leading alternative asset managers. For more than two decades, MIRA has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. As at 30 September 2018, MIRA managed $US129 billion in assets that are essential to the sustainable development of economies and communities, including; 148 portfolio businesses, ~400 properties and 4.5 million hectares of farmland.
MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 14,869 people in 27 countries. For further information, please visit www.MIRAFunds.com