UK Climate Investments (UKCI), a specialist in green infrastructure investment, has agreed to invest £30m in CleanMax Solar to support the development of a nationwide network of solar farms in India.
CleanMax Solar was founded in Mumbai in 2011, and provides renewable energy for commercial and industrial clients in India.
UKCI is a joint venture established between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy and is managed by Macquarie Infrastructure and Real Assets.
UKCI said that CleanMax Solar has pioneered the ‘Energy Sale’ model in India through the development of distributed generation capacity across some the country’s largest cities.
In addition, CleanMax Solar has partnered with commercial and industrial (C&I) clients to build new rooftop and ground-mounted solar generation projects that enables businesses to access clean, cheaper-than-grid electricity by removing the need for significant upfront capital investment.
UKCI managing director Richard Abel 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.”
CleanMax Solar is one of the major solar developers in the C&I market segment in India, operating 500MW of distributed generation capacity across 340 sites.
UKCI claims that its commitment would assist CleanMax Solar to expand its operations, with the capital being provided to expand its network of private solar farms across the country.
CleanMax Solar founder and managing director Kuldeep Jain said: “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 know-how 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.”
The operating capacity of CleanMax Solar has increased from 24MW in 2015-16 to more than 500MW in 2018-19, and is expected to expand its customer base from 120 corporate clients to 300 by 2022.