CleanMax Solar, a solar energy company based in India, has won Transformational Business Awards 2018 by Financial Times (FT) / The International Finance Corporation (IFC).
The award is significant because CleanMax Solar is the first Indian company ever to win the award.
FT/IFC Transformational Business Awards is the global program highlighting innovative, long-term private sector solutions to major development challenges.
In 2015, CleanMax Solar provided a solar rooftop solution to the Tata Motors facility where the Tata Nano car is manufactured. Through this project, Tata Motors not only reduces its carbon footprint by 2700 tons annually for a period of 25 years, and locked in a large fraction of its electricity cost from solar power, at a discount to grid electricity tariffs. It is estimated that Tata Motors is saving INR 3 million annually from the project.
Commenting on the award, Kuldeep Jain, founder and managing director, CleanMax Solar, said, “IFC is one of the most recognized solar lenders in the Middle East, and has lent to numerous prestigious utility scale projects in the region. The fact that IFC and the World Bank back Clean Max Solar already goes a long way to establish CleanMax’ credibility and capability in the region, and the FT/IFC award will only go further in validating those strengths.”
In Middle East, CleanMax Solar closed many MWp’s of rooftop solar projects under their zero capital Build Own Operate (BOO) Model, where CleanMax Solar develops projects on a turnkey basis, delivering solar power supply on a per-kWh basis to corporates and institutions.
CleanMax Solar has installed more than 250 projects for over 70 corporates in India, with combined rooftop capacity of 100 MW, and has also commissioned more than 300 MW of grid connected solar farms for its corporate consumers.
CleanMax Solar’s investors include Warburg Pincus, the global private equity firm, as well as International Finance Corporation (IFC), a member of the World Bank Group, and was IFC’s first rooftop solar investee globally.