CleanMax Solar, an Indian rooftop solar developer, has raised $100 million (Rs.6.5 billion) in equity financing from Warburg Pincus, a New York-based private equity firm.

CleanMax Solar will utilize the funds to grow in the rooftop and open access solar power markets in India, while pursuing growth in select international markets (Middle East and South-East Asia).

The funding will help consolidate CleanMax Solar’s leadership in rooftop solar market, according to a company release. CleanMax Solar also proposes to utilize the funds to gain a foothold in the energy storage segment.

Warburg Pincus’ investment will enable us to pursue additional growth opportunities beyond India, and provide next generation solutions to our customers through a combination of rooftop solar and energy storage, stated Kuldeep Jain, Founder and Managing Director, CleanMax Solar.

“We believe that CleanMax Solar is well-poised to benefit from the strong growth tailwinds in the sector, and look forward to working with the management team to build a world class enterprise,” said Saurabh Agarwal, a Warburg Pincus Managing Director.

In May, Mercom reported that Hitachi signed a Memorandum of Understanding (MoU) announcing its plans to enter the Indian solar market in collaboration with CleanMax Solar.

Solar VC and Private Equity funding in India amounted to $486 Million (~Rs.31.4 Billion) for the first half of 2017 (1H 2017), according to recently released Q2 2017 Solar Funding and M&A Report by Mercom Capital Group.