Onshore renewables

UKCI announces £30 million investment in CleanMax Solar

23 Apr 2019

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UK Climate Investments (UKCI) will underpin the development of a nationwide network of solar farms following an agreement to invest £30 million (INR 275 Crores) in one of India’s leading providers of renewable energy for commercial and industrial clients, CleanMax Solar.

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.

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.”

Kuldeep Jain, Founder and Managing Director of CleanMax Solar, 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."

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.

The UK and India are at the cutting edge of finance and technology, jointly tackling global challenges like climate change and creating market opportunities for the rest of the world.”

 

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.


Media Enquiries

Macquarie Infrastructure and Real Assets

Patrick Gallagher

+44 77 9535 3820

patrick.gallaher@macquarie.com

 

CleanMax Solar

Vikram Salvekar

+91 9821939355

vikram.salvekar@cleanmaxsolar.com

Mayukhi Mondal

+91 9168464125

mayukhi.mondal@communicateindia.com


About UK Climate Investments

UKCI is a £200 million pilot investment programme mandated to invest in India and sub-Saharan Africa. It targets transformational green energy investments where UKCI capital can mobilise additional private sector capital on a sustainable basis to promote cleaner, greener growth in these developing economies. UK Climate Investments LLP (UKCI) 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 International Climate Finance, which is a UK Government commitment to support emerging markets and developing countries respond to the challenges and opportunities of climate change. For further information, please visit www.greeninvestmentgroup.com/funds/international/

About Macquarie Infrastructure and Real Assets

Macquarie Infrastructure and Real Assets (MIRA) is one of the world’s leading alternative asset managers. For more than two decades, MIRA has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. As at 30 September 2018, MIRA managed $US129 billion in assets that are essential to the sustainable development of economies and communities, including; 148 portfolio businesses, ~400 properties and 4.5 million hectares of farmland.

MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 14,869 people in 27 countries. For further information, please visit www.MIRAFunds.com

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