India’s CleanMax Solar raises £30m from UK Climate Investments

INDIA’S commercial solar developer, CleanMax Solar has raised £30 million in equity funding from the UK Climate Investments (UKCI), the British company said today (23).

The British firm will assist CleanMax Solar by providing it with the capital needed to expand its network of private solar farms across the country.

Richard Abel, managing director of UKCI, 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.”

Sir Dominic Asquith, British High Commissioner to India, 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.”

CleanMax Solar’s operating capacity has grown from 24 megawatts (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.

In 2018, UKCI completed the construction of a 60MW greenfield solar project in India’s Maharashtra state with Lightsource BP.