PE Fund Investments
Renewables firm CleanMax raises $34-M from Danish fund IFU
Mumbai-based CleanMax, a renewable energy company in the commercial and industrial segment in Asia, is raising USD 34 million from Denmark's Investment Fund for Developing Countries (IFU). It will use the funds to expand its wind-solar hybrid offerings and accelerate its operating capacity from 750+ MW to around 2,500 MW in the next three years. It will also accelerate its growth in the commercial and industrial renewable energy space in India, as well as in the Middle East and Southeast Asia. CleanMax, founded in 2011, acts as sustainability partner to large corporates in Asia, by developing solar and wind projects under the Build Own Operate model by providing renewable electricity under long-term agreements. The company currently serves over 150 customers, including Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim and MG Motors.
From the Venture Intelligence PE-VC Deal Database: Between May-11 and Aug-21 Clean Max had raised about $390-M from Augment Infrastructure, UK Climate Investments, Warburg Pincus, IFC, and Bessemer.
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