UK Climate Investments (UKCI) has agreed to invest £30 million in Indian renewable energy provider CleanMax Solar.
The business, which serves primarily commercial and industrial clients, builds new rooftop and ground-mounted solar energy projects to give companies access to clean, affordable electricity by removing the need for significant upfront capital investment.
The firm was the nation’s top rooftop installer in 2018 and operates 500MW of distributed generation capacity across 340 sites.
It will use the funding from UKCI, which is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS), to expand its network of private solar farms across the country.
Sir Dominic Asquith, British High Commissioner to India, said: “This investment showcases how the UK and India are working together to promote mutual prosperity, clean growth and investment.
“This unique partnership marries City of London green finance expertise with the innovation of Indian business to deliver clean energy solutions.”
The firm expects to expand its customer base from 120 corporate clients to 300 by 2022.