CleanMax Secures ~$575 Million Through Multi-Lender Deals for 1 GW Renewable Projects
Clean Max Enviro Energy Solutions Limited, a leading renewable energy solutions provider for the commercial and industrial (C&I) sector, has successfully raised approximately $575 million. This significant funding was achieved through multi-lender transactions involving both domestic and international banks, earmarked for the expansion of solar and wind projects across Rajasthan and Karnataka.The financing highlights the company's ability to execute complex, cross-border funding structures, supporting the development of a large-scale, Central Transmission Utility (CTU)-connected renewable energy portfolio aggregating to approximately 1 GW.
The funding mechanism utilized a diverse base of lenders, structured through External Commercial Borrowings (ECB), INR borrowing, and Foreign Currency Non-Resident (Bank) (FCNR(B)) facilities. This multi-lender structure is designed to align financing tenors with asset development and support long-term portfolio stability.
According to the detailed financial breakdown, the capital was secured across several special purpose vehicles (SPVs):
| SPV Name | Financing Facility | Lender(s) | Amount Secured |
|---|---|---|---|
| Clean Max Celestial Private Limited | FCNR(B) facility | One of India's leading public sector banks | $141.94 million |
| Clean Max Tasman Private Limited | ECB facility | Societe Generale, BNP Paribas, and SMBC | $124.63 million |
| VEH Green Energy Private Limited | ECB facility | Credit Agricole, HSBC, and DBS Bank | $174 million |
| Clean Max Enviro Energy Solutions Limited | INR term loan | HSBC | INR 650 crores |
| Clean Max Atlas Private Limited | INR term loan | BNP Paribas and HSBC | INR 630 crores |
The capital structure strategically balances borrowing currency with contracted revenues. This fund raise included a mix of USD-denominated loans backed by USD-denominated Power Purchase Agreements (PPAs), alongside INR-denominated loans backed by INR-denominated PPAs.
Management noted that the project focus is on long-term, high-quality renewable assets specifically catering to the corporate and industrial segment, particularly for large technology companies. CleanMax CEO & Managing Director, Mr. Kuldeep Jain, stated that these collaborations allow projects to be executed at scale while providing reliable solutions for the C&I sector.
Chief Financial Officer, Mr. Nikunj Ghodawat, further emphasized that the growth of renewable energy is being driven by the convergence of corporate demand and global pools of long-term capital. The ability to work with multi-lenders across domestic and international markets ensures predictable cash flows and financial resilience as the company expands its portfolio for large technology clients aiming for net-zero goals.
The company’s operational profile underscores its role in the transition to clean energy. CleanMax Enviro Energy Solutions Limited is India’s largest pureplay C&I renewable energy company. The firm reported that its contracted renewable energy portfolio reached 5.7 GW in the fiscal year 2025-26. The company currently serves 588 customers across technology, digital infrastructure, manufacturing, and industrial sectors, with Data Centres & AI infrastructure customers contributing 42% of its contracted RE Power Sales portfolio.
Demonstrating continued financial strength, CleanMax was recently upgraded to 'CARE AA-/Stable' by CARE Ratings for its long-term bank facilities and non-convertible debentures.
CLEANMAX Stock Price Movement
Clean Max Enviro Energy Solutions Limited shares edged higher today, settling at ₹1120, having gained 2.24% in post-market trading. The stock finished the day with a trading volume of 131,954 shares, holding within a robust range established between ₹1083.2 and ₹1120.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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