Key Financing Details

CleanMax has secured approximately $575 million through a multi-lender financing structure for the development of approximately 1 GW of renewable energy projects across Rajasthan and Karnataka. The financing was structured through multiple lenders comprising domestic and international banks via External Commercial Borrowings (ECB), INR borrowing, and Foreign Currency Non-Resident (Bank) [FCNR(B)] facilities.

The specific breakdown of financing across subsidiaries includes:

  • Clean Max Celestial Private Limited: $141.94 million from one of India's leading public sector banks under an FCNR(B) facility
  • Clean Max Tasman Private Limited: $124.63 million secured via ECB facility from Societe Generale, BNP Paribas, and SMBC
  • VEH Green Energy Private Limited: $174 million secured through ECB from Credit Agricole, HSBC, and DBS Bank
  • Clean Max Enviro Energy Solutions Limited: INR 650 crores secured through INR term loan from HSBC
  • Clean Max Atlas Private Limited: INR 630 crores secured through INR term loan from BNP Paribas and HSBC

Project Details

The funding will support large-scale, Central Transmission Utility (CTU) connected renewable projects aggregating to a renewable energy portfolio of approximately 1 GW. These projects will serve the corporate and industrial segment, specifically targeting large tech companies. The projects reflect a shift in renewable energy procurement patterns for digital-age industries, particularly power-intensive technology-centered sectors such as AI, cloud computing, and data centers.

Financial Structure

The capital structure strategically aligns borrowing currency with contracted revenues. The fund raise comprises a mix of USD-denominated loans backed by USD-denominated Power Purchase Agreements (PPAs), along with INR-denominated loans backed by INR-denominated PPAs. CleanMax's non INR-denominated portfolio is currently financed at an interest rate lower than 6%.

Management Commentary

Mr. Kuldeep Jain, Founder & Managing Director, stated: "We are delighted to mark another step forward in CleanMax's journey of building large-scale, high-quality renewable assets. This brings together global capital and corporate decarbonization at scale."

Mr. Nikunj Ghodawat, Chief Financial Officer, stated: "Renewable energy growth is entering a more evolved phase, driven by the convergence of corporate demand and global pools of long-term capital. For us, securing national and international financing of this scale requires careful structuring to balance risk, capital efficiency, and long-term project viability."

Credit Rating Update

CleanMax was recently upgraded to 'CARE AA-/Stable' by CARE Ratings for its long-term bank facilities and non-convertible debentures, highlighting the company's robust performance, expanding portfolio and financial strength.

Company Background

CleanMax is India's largest pureplay Commercial & Industrial (C&I) renewable energy company with more than 15 years of operations. The company's contracted renewable energy portfolio reached 5.7 GW in FY2025-26, with approximately 74% of new contracted capacity driven by existing customers. The company 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.