Fundraising Details

Clean Max Enviro Energy Solutions Limited (CleanMax) has successfully raised ₹2,500 crore through green debt securities (Non-Convertible Debentures) on a private placement basis. This represents India's first green bond issuance specifically for the Commercial & Industrial (C&I) renewable sector.

Transaction Structure

The NCD issuance was structured across five series with maturities ranging from 2 years to 10 years and fixed coupons ranging from 8.25% to 8.76%. The bonds are secured with a lock-box mechanism, described as the first of its kind in India's C&I renewable sector. The proceeds will be used to finance and/or refinance solar, wind, hybrid generation, and battery storage projects.

Credit Rating

The issuance was rated CRISIL AA/Stable, representing CleanMax's first CRISIL rating assigned in September 2026 for both corporate credit and the NCD program.

Investor Participation

The bond issuance attracted a marquee group of international and domestic institutional investors. Key anchor investors included:

  • International Finance Corporation (IFC)
  • National Bank for Financing Infrastructure and Development (NABFID)
  • India Infrastructure Finance Company Limited (IIFCL)

Other participants included Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund, and select corporates.

Framework and Compliance

The bonds were issued under CleanMax's Green Bond Framework, which has been independently reviewed by CareEdge Advisory for alignment with applicable SEBI regulations and the ICMA Green Bond Principles, 2025. The company has established a Green Bond Committee with a robust approach to evaluating and mitigating environmental and social impacts throughout project lifecycles.

Advisory and Legal Roles

  • Trust Investment Advisors Private Limited (TIAPL) acted as sole arranger
  • Cyril Amarchand Mangaldas served as legal counsel
  • Catalyst Trusteeship Limited acted as debenture trustee

Management Commentary

Kuldeep Jain, Founder and Managing Director, stated: "Green bonds bring together two things that are increasingly linked – capital and climate action. This issuance channels institutional capital towards renewable energy while creating another avenue for investors to participate in CleanMax's growth. The caliber of investors also reflects the confidence in our fundamentals and the predictability of our contracted cash flows."

Nikunj Ghodawat, Chief Financial Officer, added: "This issuance is a meaningful step in deepening CleanMax's access to the domestic bond market, allowing us to move beyond project-level financing and draw on a broader base of institutional investors. Pricing this issue in the current macro environment with volatile interest rates made the CRISIL AA/Stable rating especially valuable as it helped us secure a tight spread and lock in fixed-rate funding on our longest tenor of 10 years."

Strategic Significance

This represents one of CleanMax's largest domestic capital-markets issuances to date, adding a new layer of fixed-rate, long-term institutional capital alongside equity and project-level debt. The issuance expands the company's access to Indian debt capital markets and provides institutional investors with an additional avenue to participate in CleanMax's debt capital structure.

Company Background

CleanMax is India's largest pureplay Commercial & Industrial renewable energy company with over 15 years of operations. As of June 30, 2026, the company's contracted renewable energy portfolio reached 6.0 GW, with 79% of new contracted capacity driven by existing customers. The company serves approximately 600 customers across technology, digital infrastructure, manufacturing, and industrial sectors, with Data Centres & AI infrastructure customers contributing 42% of its contracted RE Power Sales portfolio.