IFC mulls Rs 100 cr investment in Clean Max Enviro Energy Solutions

IFC mulls Rs 100 cr investment in Clean Max Enviro Energy Solutions

International Finance Corp, the private sector investment arm of the World Bank, could invest about Rs 100 crore in renewable energy company Clean Max Enviro Energy Solutions, one of the largest solar solutions providers in India.

According to a disclosure made on its website, IFC, one of the largest private sector investors in the country, said proceeds from the round is expected to be used by the Mumbai-based company to commission more than 250 MW of solar projects over the next. three years, with the funding primarily being used to fund the construction of the proposed green field solar projects.

The quasi-equity investment could see IFC invest up to $15 million in compulsorily convertible debentures, according to the disclosure. Clean Max is seen as India’s largest provider of on-site solar power. The Washington DC-headquartered investor, which traditionally invests from its balance sheet, has emerged as one of the most sought after investors in the country, at a time when growth capital inflows have slowed noticeably from the year-ago period.

The World Bank arm, which manages private equity and venture capital assets of about $1 billion globally, has primarily focused on four investment segments in which it takes direct equity positions – consumer internet, healthcare,education and clean-tech. Read More…

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