IFC to invest $15 mn in Clean Max Equity

IFC will invest through compulsorily convertible debentures

International Finance Corporation (IFC) is planning to invest $15 million in Clean Max Equity. The fund infusion will support company's plan to set up solar projects of upto 250 MW capacity over the next three years.

The proposed transaction is a quasi-equity investment in Clean Max Enviro Energy Solutions (CMES). IFC will invest up to $15 million in compulsorily convertible debentures, said the World Bank's investment arm.

“An IFC investment would act as a stamp of approval for future fund raises. IFC is expected to mobilise co-investment from other investors,” said IFC.

IT is a renewable energy service company providing solar