IFC the private sector investment arm of the World Bank could invest about Rs 100 crore ($15 million) in renewable energy company Clean Max Enviro Energy Solutions, one of the largest solar solutions providers in India.

According to a disclosure made on its website, IFC, one of the largest private sector investors in the country, said proceeds from the round is expected to be used by the Mumbai-based company to commission more than 250 MW of solar projects over the next three years, with the funding primarily being used to fund the construction of the proposed green field solar projects

The quasi-equity investment could see IFC invest up to $15 million in compulsorily convertible debentures, according to the disclosure. Clean Max is a prominent provider of solar power solution for commercial and industrial entities in India.

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