The Danish Investment Fund for Developing Countries (IFU) has plans to invest $34 million in CleanMax, a renewable-energy company in the commercial and industrial segment in Asia.
CleanMax will use this investment to accelerate its rapid growth in the commercial and industrial renewable-energy space in India, as well as in the Middle East and in Southeast Asia. India is the third-largest consumer of electricity in the world. Today, 60 percent of the country’s consumption is based on fossil fuel, especially coal.
Kuldeep Jain, founder and managing director of CleanMax, said, “This equity will help us to further expand our wind-solar hybrid offerings and accelerate our operating capacity from 750+ megawatts to around 2500 megawatts in the next three years."
CleanMax has new investments lined up in solar, wind and wind-solar hybrid projects in many states in India, including Karnataka, Gujarat, Maharashtra, Haryana, UP and Tamil Nadu.
The investment in C
