Danish Fund IFU To Invest $34 Million Into Cleanmax

In yet more funding news, The Danish Investment Fund for Developing Countries (IFU) is investing USD 34 million (Rs 260 cr approx.) in CleanMax, which has an  aggregated capacity of 750+ MW of installed solar and wind-solar hybrid power. Cleanmax, founded in 20211, has been an early mover in the commercial and industrial segment, and enjoys a strong reputation across key markets, especially in Asia.

For IFU, the fund infusion is one more way to support efforts in India to enable the green transition faster.

“The investment in CleanMax is in line with our ambition to support the green transition in developing countries and emerging markets. Going forward, our financing will contribute to further reduce the carbon footprint from Indian companies and assist India in reaching its target of 450 gigawatts of renewable energy by 2030,” said Torben Huss, CEO, IFU.

CleanMax has built both solar and wind projects under the Build Own Operate (BOO)model. The company currently serves over 150 customers, including Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, MG Motors and others.

CleanMax will use 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.

Kuldeep Jain led CleanMax has declared plans for 2.5 gigawatt of renewable energy in the next three years.

The investment in CleanMax is IFU’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 inv9uestments in India,” said Deepa Hingorani, Vice President, North and South Asia, IFU.

IFU’s investment is made on behalf of the Danish SDG Investment Fund, which is backed by the Danish state, large Danish pension funds and private investors. Moreover, IFU is investing in CleanMax alongside Augment Infrastructure, following Augment’s investment into the company earlier this year. Augment is a growth infrastructure investor with primary focus on emerging markets across sectors such as power, water and sanitation, telecom infrastructure and transport. IFU’s partnership with Augment offers a combination of skills, network and experience that should accelerate CleanMax’s successful journey forward.