CleanMax Solar has received $15 million investment from the International Finance Corporation (IFC) in the form of compulsorily convertible debentures. The funds will be utilised for the construction of CleanMax’s greenfield solar projects across India. IFC has reviewed and visited two solar projects developed by CleanMax Solar in Karnataka (30 MW) and Tamil Nadu (30 MW). This is the second major funding raised by the company this year through equity sales. In July 2017, the company raised $100 million from Warburg Pincus.