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CleanMax Solar Bags Transformational Business Awards 2018 By Financial Times (FT) / The International Finance Corporation (IFC)

Financial Times (FT) and International Finance Corporation (IFC), a member of the World Bank Group, today announced CleanMax Solar, India's most trusted sustainability partner for the corporate segment, as the winner in 'Achievement in Transformational Infrastructure' at the Transformational Business Awards 2018.

The company was selected from among 189 entries received from 126 countries, and received the award for its rooftop solar project at the Tata Motors factory in Sanand, Gujarat. CleanMax Solar is the first Indian company ever to win the award. The award was presented by Ms. Stephanie Race, CEO, Crop Performance Ltd. to Mr. Kuldeep Jain, Founder and Managing Director of CleanMax Solar, during the awards ceremony held in London.

This is the fifth edition of the FT/IFC Transformational Business Awards, the global programme highlighting innovative, long-term private sector solutions to major development challenges. In 2015, CleanMax Solar provided a solar rooftop solution to the Tata Motors facility where the Tata Nano car is manufactured. 

The rooftop solar plant was developed on a 'build-own-operate' model, which enabled Tata Motors to switch to solar power in zero-capex and risk-free manner. Through this project, Tata Motors not only reduces its carbon footprint by 2700 tons annually for a period of 25 years, but also locks in a large fraction of its electricity cost from solar power, at a discount to grid electricity tariffs. It is estimated that Tata Motors is saving INR 3 million annually from the project. The solar plant has also reduced the indoor temperature of the factory and generated long-term local employment opportunities.

CleanMax Solar has installed more than 250 projects for over 70 corporates in India, with combined rooftop capacity of 100 MW, and has also commissioned more than 300 MW of grid connected solar farms for its corporate consumers. CleanMax Solar's investors include Warburg Pincus, the global private equity firm, as well as International Finance Corporation (IFC), a member of the World Bank Group, and was IFC's first rooftop solar investee globally.






MUMBAI, June 7, 2018

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