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BRIEF-Warburg Pincus invests $100 mln in Cleanmax Solar
July 13, 2017 / 7:13 AM / a month ago

BRIEF-Warburg Pincus invests $100 mln in Cleanmax Solar

July 13 (Reuters) - Cleanmax Solar :

* Warburg Pincus has invested USD 100 million in Cleanmax Solar

* To use funds to continue its rapid growth in rooftop and open access solar power markets in India

* India business likely to achieve aggregate capacity of up to 250 MW in 2017-18 Source text - (CleanMax Solar, India’s largest rooftop solar developer for the corporate sector, today announced that it has secured equity financing of up to USD 100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing. CleanMax Solar enjoys 24% market share in India’s booming rooftop solar market (Source: Bridge to India 2017 report) and has numerous marquee clients including the Tata group, the Mahindra group, the TVS group, Carlsberg India, Konecranes India, Carl Zeiss India, Manipal Education and Medical Group, SKF India Limited, Mindtree Limited and Alkem Laboratories Limited. CleanMax will use the funds to continue its rapid growth in the rooftop and open access solar power markets in India, while pursuing growth in select international markets (Middle East and South-East Asia), and growing the nascent, yet promising energy storage solutions business. Kuldeep Jain, Founder and Managing Director of CleanMax Solar commented, “CleanMax was founded with the mission of being the sustainability partner for corporates. Companies are leading the world in terms of sustainability aspirations, and today solar power can provide savings upwards of thirty percent on a customer’s electricity bills with no investment from the customer. Warburg Pincus was a partner of choice for us as they have fabulous track record of partnering entrepreneurs in India over past twenty years.” “With this investment, we combine our market leadership in the corporate solar sector with the status of being also the best capitalized company in the space. Our 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.)

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