Cleanmax Solar, a Mumbai-based solar energy firm has made plans to double its installations. They now have 23 percent share in rooftop solar space. Firm plans to double their rooftop installations to 100MW by investing around ₹500 crores. For raising the funds, the company has talked with various investors which include private equity entities too. The utility projects saw an installation of around 65 MW last year and they are planning to have 150 MW during this year.
The company is looking at equity funding for a longer term. The investment would be approximately ₹5 crores per megawatt as project cost and it would require roughly ₹ 500 crores for the rooftop projects this year. Around 70 percent would be debt and the rest would be equity. The Firm will finalize the decision in three to four weeks.
Cleanmax Solar has installed more than 200 projects, with a combined capacity of more than 80 MW acquiring a market share of 23 percent. The firm was the first to supply open access solar power to corporate clients in states like Karnataka.
Besides the company has got a contract from the Chennai Metro Rail for the installation of rooftop and ground-mounted solar PV plants at 12 metro stations. They have to also plant a maintenance depot in Chennai.