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July 18, 2017 Anand Gupta

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Warburg Pincus is investing up to $100 million (Rs. 645 crore) in Mumbai-based rooftop solar projects developer CleanMax Solar. AZB & Partners advised Warburg Pincus with a team led by Partners Anil Kasturi and Niladri Maulik along with Senior Associates Kanchan Puri and Anisha Shridhar. Platinum Partners acted for CleanMax Enviro Energy Solutions and the team included Partner Ankit Majmudar and Sunandan Majumdar.

CleanMax, which has about a quarter of India’s market for rooftop solar systems, will use the private equity investment to fund growth opportunities outside India and to improve product offerings. CleanMax is also possibly the first renewable energy company that Warburg Pincus has backed in India since it entered the country two decades ago, according to VCCircle.