Rating Assignment and Significance

Crisil Ratings Limited has assigned Clean Max Enviro Energy Solutions Limited its first-ever corporate credit rating of 'CRISIL AA/Stable' and Non-Convertible Debentures (NCDs) rating of 'CRISIL AA/Stable' for an amount of Rs. 2,500 crores. This rating represents external validation of the Company's business fundamentals, financial discipline, and market leadership in the commercial and industrial (C&I) renewable energy segment.

The 'CRISIL AA/Stable' rating signifies a high degree of safety in the timely servicing of financial obligations, placing CleanMax in investment-grade territory. This rating is expected to:

  • Deepen the Company's access to capital markets
  • Improve cost of financing
  • Strengthen confidence among corporate off-takers, financial institutions, and shareholders

Operational and Portfolio Metrics

As of 30 June 2026, CleanMax's operational renewable energy portfolio reached 4.2 GW, consisting of:

  • 3.5 GW in RE Power Sales
  • 0.7 GW in RE Services

The Company's total contracted portfolio stood at 6.8 GW (RE Power Sales and Services), serving approximately 600 customers. The Company achieved record quarterly commissioning with 500 MW commissioned in Q1 FY27 - its highest-ever quarterly commissioning.

Financial Strategy and Fundraising Plans

The Company is evaluating the issuance of domestic bonds, including up to Rs. 2,500 crore through Non-Convertible Debentures (NCDs), to diversify its capital sources for future capital expenditure. This step is expected to:

  • Improve funding competitiveness
  • Optimize borrowing costs
  • Secure long-term financing at fixed interest rates

Growth Plans and Capacity Expansion

CleanMax plans to add over 1.5 GW of capacity in FY27 as part of its expansion strategy. The rating supports this growth trajectory by strengthening the company's ability to access diverse sources of capital.

Customer Base and Market Position

CleanMax serves ~600 customers across technology, digital infrastructure, manufacturing, and industrial sectors. The contracted RE Power Sales portfolio reached ~6.0 GW as of 30 June 2026 (Q1 FY2027), with ~79% of new contracted capacity driven by existing customers, reflecting strong customer retention and long-term business visibility.

Notable clients include global corporations such as Apple, Amazon, Google, Meta, Cisco, Equinix, BASF, Shell, CEAT, and STT GDC India. Data Centres & AI infrastructure customers contribute 42% of its contracted RE Power Sales portfolio.

Management Commentary

Nikunj Ghodawat, Chief Financial Officer, stated: "This rating marks an important milestone in our growth journey and as we continue expanding our renewable energy business, maintaining a strong financing foundation is critical. The CRISIL AA/Stable rating strengthens our ability to access diverse sources of capital and supports disciplined long-term growth. As we scale toward becoming the net-zero partner of choice for corporates in India and beyond, it further strengthens our fund raising capabilities at more competitive terms."

Additional Recognition

The Company has received a GRESB score of 100/100 with a 5-star rating and global sector leadership in renewable power generation, further validating its environmental, social, and governance performance.