23 April 2019
Founded in Mumbai in 2011, CleanMax Solar pioneered the ‘Energy Sale’ model in India through the development of distributed generation capacity across some the country’s largest cities. Partnering with commercial and industrial (C&I) clients to build new rooftop and ground-mounted solar generation projects, CleanMax Solar enables businesses to access clean, cheaper-than-grid electricity by removing the need for significant upfront capital investment.
CleanMax Solar’s innovative business model has seen it quickly grow to become India’s top rooftop installer in 2018 and one of the country’s largest solar developers in the C&I market segment – operating 500 MW of distributed generation capacity across 340 sites.
UKCI’s commitment will assist CleanMax Solar as it looks to scale its operations, providing it with the capital needed to expand its network of private solar farms across the country.
Managing Director of UKCI
Founder and Managing Director of CleanMax Solar
Sir Dominic Asquith
British High Commissioner to India
CleanMax Solar’s operating capacity has grown from 24 MW in 2015-16 to more than 500 MW in 2018-19, and it expects to expand its customer base from 120 corporate clients to 300 by 2022.
UKCI’s investment in CleanMax Solar represents its fourth commitment to assist the world’s developing economies tackle climate change and promote cleaner, greener growth. Earlier this year, UKCI announced a £28 million cornerstone investment in a dedicated African renewable energy yieldco, Revego Africa Energy Limited. In 2018, UKCI completed the construction of a 60MW greenfield solar project in Maharashtra with Lightsource BP, and partnered with Fortum and Elite Alfred Berg to cornerstone India’s first unlisted renewables yieldco for international investors.
UKCI is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. UKCI is managed by Macquarie Infrastructure and Real Assets, the world’s largest infrastructure manager.
About UK Climate Investments
UK Climate Investments is a £200 million pilot investment programme mandated to invest in India and sub-Saharan Africa. It targets transformational green energy investments where UK Climate Investments capital can mobilise additional private sector capital on a sustainable basis to promote cleaner, greener growth in these developing economies. UK Climate Investments LLP 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 aid funded International Climate Finance, which is a UK Government commitment to support emerging markets and developing countries to respond to the challenges and opportunities of climate change. UK Climate Investments is managed by Macquarie Asset Management, the world’s largest infrastructure manager. For further information, please visit: www.greeninvestmentgroup.com/what-we-do/uk-climate-investments and www.gov.uk/guidance/international-climate-finance.
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 prevailing grid 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.