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CleanMax Solar, a leading rooftop solar developer for the corporate sector, has raised about ₹650 crore ($100 million) from an affiliate of global private equity firm Warburg Pincus. CleanMax, whose clients include the Tata group, Mahindra group, TVS group, Carlsberg India, Kone Cranes India, Carl Zeiss India and Manipal Education and Medical Group, will use the money to grow its business in the rooftop and open access solar power markets in India, while looking at growth in select international markets such as West Asia and South East Asia.
It will also grow the nascent, but promising energy storage solutions business. CleanMax Solar’s India business has grown from 8 MW in 2014-15 to over 100 MW in 2016-17. It is likely to achieve aggregate capacity of up to 250 MW in 2017-18. The funds will help the company look at additional growth opportunities beyond India.
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