Power News We love to talk!

JUL 31 2017

CleanMax Solar eyes 40% revenue from overseas business in 3 yrs

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 31st JUL 2017

 

Looking to tap the growing rooftop solar market in the Middle East and South-East Asia, CleanMax Solar is eyeing up to 40 per cent of revenues from overseas business in the next 3 years, a top company official said.

"While we continue to grow in India in the rooftop and open access solar power segment, we are pursuing growth in international markets mainly the Middle East and South-East Asia. We are currently looking at the UAE market and soon we will spread our presence in the other countries," the company's Managing Director Kuldeep Jain told PTI here.

He said the company expects its international business to contribute nearly 35-40 per cent of its revenues in the next three years. The company recently opened its first overseas office in Dubai

Jain further said the recent funding of $ 100 million it received from global private equity player Warburg Pincus would be partly utilised for this international expansion.

"We are already enjoying a 24 per cent share in the domestic market. Our aim is to garner a similar share in the international markets as well," he added. With a portfolio of 90 MW of installed capacity, CleanMax is eyeing to reach 250 MW by the end of this fiscal.

"We are also expecting to touch revenues of up to Rs 800 crore in this financial year. Thereon, we expect to double our revenues year-on-year every year," Jain added

Tags

Open Access Asia Power India solar power Solar

Related News

  • Falling crude prices may help meet deficit target  Read more
  • Adani Power commissions 3rd unit at Maharashtra plant  Read more
  • Government to soon start auction process for commercial coal mines  Read more
  • Goyal's boast ignores power problems  Read more
  • Oil India said to study purchase of Shell oil blocks in Nigeria  Read more
  • Alstom and BHEL to supply turbo-generator package for Rawatbhata nuclear plant  Read more
  • Coal India plans to invest Rs 3,000 crore in Coal Bed Methane projects  Read more
  • LNG terminal coming up at Krishnapatnam port  Read more
  • Yes Bank, EIB to co-finance $400 mn for clean power projects  Read more
  • Ashok Kumar Balyan takes over as CEO of Reliance Group's oil & gas business  Read more