CleanMax to raise $34 million from Danish Investment Fund for Developing Countries

CleanMax, an Indian renewable energy company has received $34 million in funding from the Danish Investment Fund for Developing Countries (IFU). T the company is expected to utilize the funding to enhance its commercial and industrial (C&I) renewable energy portfolio in India, the Middle East, and Southeast Asia. In states such as Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh, and Tamil Nadu, it has lined up new solar, wind, and wind-solar hybrid projects.

The Danish SDG Investment Fund is sponsored by the Danish state, significant Danish pension funds, and private investors, and IFU is investing on their behalf. IFU invested in CleanMax alongside Augment Infrastructure, following Augment’s investment into the company in early 2021. As per a company’s statement, CleanMax has a total installed capacity of over 750 MW of solar and wind-solar hybrid electricity. In the following three years, the company plans to add another 2 GW of renewable energy capacity. Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, and MG Motors are among the company’s clients.

In November 2021, MG Motor India partnered with CleanMax to become the first passenger car manufacturer to use hybrid wind-solar energy. Clean Max Enviro Energy Solutions (CleanMax) would be providing 4.85 MW of wind-solar hybrid power to MG Motor’s Halol manufacturing facility as part of the agreement.

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