<article>Global private equity giant <a style="color: #000080;" href="http://dealstreetasia.com/tag/warburg-pincus" target="_blank" rel="noopener noreferrer">Warburg Pincus</a> has invested $100 million in on-site rooftop solar power developer CleanMax Solar.</article>

Global private equity giant <a style="color: #000080;" href="http://dealstreetasia.com/tag/warburg-pincus" target="_blank" rel="noopener noreferrer">Warburg Pincus</a> has invested $100 million in on-site rooftop solar power developer CleanMax Solar.
In lieu of its funding, US-based Warburg Pincus will acquire a significant minority stake in the company through an affiliate.
CleanMax will use funds to continue 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, according to a company release.
Founded in 2011 by Kuldeep Jain, former head of energy at McKinsey India, CleanMax Solar claims to be India’s largest on-site solar power provider with a combined capacity of around 100 MW.
&#8220;Warburg Pincus’ investment will enable us to pursue additional growth opportunities beyond India, and provide next generation solutions to our customers through a combination of rooftop solar and energy storage,” said Kuldeep Jain, Founder and Managing Director of CleanMax Solar.
According to media reports, the Mumbai-based company had earlier raised around Rs 17 crore for a 6 per cent stake in 2015 from HNIs at a valuation of around Rs 283 crore.
The company has installed over 200 projects for over 50 companies in various sectors with a combined on-site capacity of more than 100 MW. It develops projects on a turnkey basis, providing power on a per-kWh basis under long-term Power Purchase Agreements at rates cheaper than prevailing grid rates.
CleanMax Solar aims to generate around 200-250 MW of power in the current financial year as against 100 MW it generated last year.
The Indian government has been trying to push for greater adoption of solar energy. It plans to add 100 GW of solar power generation capacity by 2022. Of the overall solar power target, 40 GW is to come from rooftop solar projects.
Warburg Pincus has in an active investor in the energy and infrastructure space in the country. Its portfolio in India includes Lemon Tree Hotels Ltd, Capital First, AU Financers (India) Ltd, Diligent Power Pvt. Ltd, Ecom Express Pvt. Ltd, Laurus Labs Ltd, and Piramal Realty Pvt. Ltd.
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Global private equity giant Warburg Pincus has put in $100 million in on-site rooftop solar power developer CleanMax Solar.

India: Warburg Pincus invests $100m in CleanMax Solar

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India: Warburg Pincus invests $100m in CleanMax Solar

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