CleanMax is a leading renewable energy company in the commercial and industrial (C&I) segment in Asia, having built an aggregated capacity of 750+ MW of installed solar and wind-solar hybrid power.
India is the third largest consumer of electricity in the world. Today, 60 per cent of the country’s consumption is based on fossil fuel, especially coal. The investment from Impact Fund Denmark contributes to the green transition and make it easier for Indian companies to reduce their carbon footprint.
Installing additional capacity around two gigawatt
CleanMax, founded in 2011, acts as sustainability partner to leading corporates in Asia, by developing solar and wind projects under the Build Own Operate model by providing renewable electricity under long-term agreements, creating significant savings for end-users. The company currently serves over 150 costumers, including Facebook, Adobe, Cargill Foods, Vovlo, Tata Group, Mahindra Group, Grasim, MG Motors, and others.
CleanMax uses this investment to accelerate its rapid growth in the C&I renewable energy space in India, as well as in the Middle East and in South East Asia. In India, the company has new investments lined up in solar, wind and wind-solar hybrid projects in many Indian states, including Karnataka, Gujarat, Maharashtra; Haryana, UP and Tamil Nadu, to serve the needs of corporate customers.
CleanMax has a promising growth potential, and the ambition is to install an additional capacity of around 2 gigawatt of renewable energy in the next three years.
Supporting the India-Danish Green Strategic Partnership
The investment in CleanMax is Impact Fund Denmark’s second within renewables in India, following the signing of the India-Danish Green Strategic Partnership in 2020 by India’s prime minister Narendra Modi and the Danish prime minister Mette Frederiksen.
“We are very pleased to be able to support the India-Danish Green Strategic Partnership through this investment in Cleanmax. We stand ready to continue our efforts within renewables and other green investments in India.”
Deepa Hingorani, Vice President, North and South Asia, Impact Fund Denmark.