CleanMax raises ~$575 Million for ~1 GW Renewable Projects in India
CleanMax raised ~$575 million through multi-lender transactions for ~1 GW of renewable projects in Rajasthan and Karnataka. Financing includes ECB, FCNR(B), and INR facilities from domestic and international banks. The funds will support projects for corporate and industrial clients, particularly in tech sectors. The company also saw a credit rating upgrade.
The substantial amount raised ($575 million) for a large-scale renewable energy portfolio (1 GW) will significantly impact the company's growth and operational capacity, positioning it strongly in the renewable energy sector.
The announcement details a significant fundraising achievement and a credit rating upgrade, indicating strong financial health and market confidence. The expansion of renewable energy projects also aligns with positive environmental and economic trends.
Clean Max Enviro Energy Solutions Limited has successfully raised approximately $575 million through multi-lender transactions to expand its solar and wind projects in India. The financing, comprising External Commercial Borrowings (ECB), INR borrowing, and Foreign Currency Non-Resident (Bank) (FCNR(B)) facilities, was secured from a diversified base of leading domestic and international banks. This funding will support the development of approximately 1 GW of Central Transmission Utility (CTU) connected renewable energy projects across Rajasthan and Karnataka.
The transaction underscores strong cross-border lender confidence in India's renewable energy market and CleanMax's capability in structuring complex, large-scale financings. Key financing details include $141.94 million for Clean Max Celestial Private Limited via an FCNR(B) facility, $124.63 million for Clean Max Tasman Private Limited via an ECB facility from Societe Generale, BNP Paribas, and SMBC, and $174 million for VEH Green Energy Private Limited via ECB from Credit Agricole, HSBC, and DBS Bank. Additionally, CleanMax secured INR 650 crores through an INR term loan from HSBC for Clean Max Enviro Energy Solutions Limited, and INR 630 crores through an INR term loan from BNP Paribas and HSBC for Clean Max Atlas Private Limited.
The capital structure strategically aligns borrowing currency with contracted revenues, with USD-denominated loans backed by USD-denominated PPAs and INR-denominated loans backed by INR-denominated PPAs. CleanMax's non-INR-denominated portfolio currently has an interest rate below 6%. Mr. Kuldeep Jain, Founder & Managing Director, highlighted the company's journey in building large-scale, high-quality renewable assets and the role of multi-lender collaborations in executing projects at scale. Mr. Nikunj Ghodawat, Chief Financial Officer, emphasized the convergence of corporate demand and global pools of long-term capital in the evolving renewable energy landscape.
These projects cater to the growing demand from high-growth, power-intensive technology-centred sectors such as AI, cloud computing, and data centres. Recently, CleanMax's long-term bank facilities and non-convertible debentures were upgraded to ‘CARE AA -/Stable’ by CARE Ratings. As of FY2025-26, CleanMax's contracted renewable energy portfolio reached 5.7 GW, with a significant portion driven by existing customers.
What to do with a filing like this
Clean Max Enviro Energy Solutions Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Clean Max Enviro Energy Solutions Limited. Read the original for the full detail.