In its seventh transaction within one year, NYC-based Warburg Pincus will invest up to $100 million in Mumbai-based rooftop solar projects developer CleanMax Enviro Energy Solutions Pvt. Ltd. According to VCCEdge, the data research arm of VCCircle, this latest investment takes the total amount Warburg Pincus has committed in India to $1.14 billion.
CleanMax is the first renewable energy company that Warburg Pincus has backed in India since it entered the country two decades ago. According to the company’s website, it has more than 45 MW of installed and onsite projects, and caters mainly to corporate customers across automotive, food and beverage, IT and other industries.
Kuldeep Jain, CleanMax founder and managing director, said that his company aims to use the funds to expand in India and pursue growth opportunities in the Middle East and Southeast Asia.
