Clean Max Equity (IFC-38331)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 13, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CLEAN MAX ENVIRO ENERGY SOLUTIONS PRIVATE LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 5, 2018

Disclosed by Bank Feb 13, 2017


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Project Description

According to IFC website, the project is a quasi-equity investment in Clean Max Enviro Energy Solutions. The Company is a Renewable Energy Service Company providing solar solutions for commercial and industrial customers in India through both onsite and off-site facilities. The Company plans on commissioning more than 250 MW of solar projects over the next three years. IFC will invest up to US$15 million in Compulsorily Convertible Debentures. The proceeds of the IFC investment will be used to fund the construction of the proposed solar projects. It has the following development impacts:

1. Increasing clean energy production: The Company will setup new renewable energy based generation capacity to meet the increasing demand for power in the country and in the process will help reduce GHG emission intensity.

2. Private sector development in renewable energy: The Project will help early stage renewable energy company to develop its business and thereby have a signaling effect in the market for other businesses.

3. Employment generation: The Project will provide temporary employment during construction and permanent employment during operation stage.

Investment Description
  • International Finance Corporation (IFC)
Contact Information

Project Contact: Kuldeep Jain
Founder, CleanMax Solar 
Contact No.: 022 - 23676785/ 87/ 88
Email Address: kuldeep_jain@cleanmaxsolar.com
Office Address: 1511, Prasad Chambers, Pandit Paluskar Chowk, Opera House, Charni Road, Mumbai 400004
Website: http://cleanmaxsolar.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/