IFC makes USD 15 million investment in CleanMax Solar

New Delhi [India], November 29 (ANI): The International Finance Corporation (IFC) has made its first equity investment globally in grid connected distributed generation through an initial USD 15 million investment in CleanMax Solar.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, it uses its capital, expertise and influence to create markets and opportunities.

"IFC sees distributed generation segment playing a very important role in India's future energy mix. The government of India has also laid strong emphasis on this segment," Hyun-Chan Cho, Regional Industry Head, Infrastructure & Natural Resources, IFC, said.

This investment by the IFC is in conjunction with the $100m investment made by Warburg Pincus, a global private equity fund, in CleanMax earlier this year. CleanMax will deploy the funds to continue its rapid growth in the corporate segment of India's solar market.

CleanMax Solar is one of India's largest on-site solar providers and a leading sustainability partner for large companies.

"IFC is a global leader in clean energy investment, and CleanMax is honored to be their first investment globally in grid connected distributed generation. We welcome IFC's best in class environmental, health & safety, and governance guidelines," Kuldeep Jain, Founder and Managing Director of CleanMax Solar said. (ANI)