Indian renewable energy company CleanMax has received $34 million in funding from the Danish Investment Fund for Developing Countries (IFU).

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. It has lined up new solar, wind, and wind-solar hybrid projects in states like Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh, and Tamil Nadu.

CleanMax said it has an aggregate capacity of more than 750 MW of installed solar and wind-solar hybrid power. The company aims to install an additional 2 GW of renewable energy capacity in the next three years. Its existing list of over 150 consumers includes Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, and MG Motors.

IFU’s investment is made on behalf of the Danish SDG Investment Fund backed by the Danish state, large Danish pension funds, and private investors. IFU invested in CleanMax alongside Augment Infrastructure, following Augment’s investment into the company earlier this year.

In August 2021, Augment Infrastructure, a U.S.-based investment company, acquired a majority stake in CleanMax by investing ₹16.5 billion (~$222.23 million) in equity.

Commenting on the investment, Torben Huss, Chief Executive Officer of IFU, said, “The investment in CleanMax is in line with our ambition to support the green transition in developing countries and emerging markets. In the future, our financing will contribute to further reducing the carbon footprint from Indian companies and assist India in reaching its target of 450 GW of renewable energy by 2030.”

Last year, the Global Climate Partnership Fund (GCPF) provided CleanMax with a $10 million (~₹743.08 million) credit facility to help expand operations in Southeast Asia, starting with Thailand.

Mercom reported that CleanMax raised ₹2.75 billion (~ $39 million) from the United Kingdom Climate Investments, a joint venture between the Green Investment Group and the U.K. Government’s Department for Business, Energy, and Industrial Strategy.

The funds would help support CleanMax’s business expansion and develop a nationwide network of solar photovoltaic (PV) farms for corporates.

According to Mercom’s Solar Funding Report, in the first nine months (9M) of 2021, the solar sector brought in $2.2 billion in VC funding in 39 deals, 466% higher than $394 million in the same period last year.