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IFC, the private equity investment arm of World Bank, has invested about ₹100 crore ($15 million) in Mumbai-based CleanMaxSolar. This is IFC’s first investment in the rooftop solar space globally. CleanMax Solar puts up plants at its own cost and sells the power directly to customers. In June, CleanMax had announced a $100-million equity investment by PE firm Warburg Pincus, for an undisclosed stake in the company.
The IFC investment is part of that $100-million deal. Both Warburg Pincus and IFC would now have a significant minority stake in CleanMax Solar. IFC believes that distributed generation will play an important role in meeting India’s energy needs. CleanMax’s customers include companies from the Tata, Mahindra and TVS groups, Mindtree, Adobe India, United Breweries and SKF India.
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