Clean Max Enviro Energy Solutions Limited, a leading renewable energy solutions provider in India, has successfully raised approximately $575 million to expand its solar and wind projects. The funding, sourced from multiple domestic and international banks, includes External Commercial Borrowings (ECB), INR borrowing, and Foreign Currency Non-Resident (Bank) (FCNR(B)) facilities.
The capital will support large-scale, Central Transmission Utility (CTU) connected renewable projects across Rajasthan and Karnataka, aggregating to a renewable energy portfolio of around 1 GW. This move underscores CleanMax’s focus on developing high-quality renewable assets for the corporate and industrial sectors, particularly for large tech companies. The transaction reflects growing confidence among lenders in India’s renewable energy market and CleanMax’s capability to manage complex, cross-border financings.
Key financing details include $141.94 million secured by Clean Max Celestial Private Limited from a leading Indian public sector bank under an FCNR(B) facility, $124.63 million by Clean Max Tasman Private Limited via ECB from Societe Generale, BNP Paribas, and SMBC, and $174 million by VEH Green Energy Private Limited through ECB from Credit Agricole, HSBC, and DBS Bank. Additionally, Clean Max Enviro Energy Solutions Limited secured ₹650 crores through an INR term loan from HSBC, while Clean Max Atlas Private Limited secured ₹630 crores through an INR term loan from BNP Paribas and HSBC.
The financing structure strategically aligns borrowing currency with contracted revenues, featuring a mix of USD-denominated loans backed by USD-denominated PPAs and INR-denominated loans backed by INR-denominated PPAs. Notably, CleanMax’s non-INR-denominated portfolio is financed at an interest rate lower than 6%.
Kuldeep Jain, Founder & Managing Director of Clean Max Enviro Energy Solutions Limited, expressed delight at the development, highlighting the collaboration of global capital and corporate decarbonisation at scale. Nikunj Ghodawat, Chief Financial Officer, emphasised the importance of careful structuring to balance risk, capital efficiency, and long-term project viability.
These projects reflect a broader shift in renewable energy procurement patterns for new digital-age industries, particularly in high-growth, power-intensive technology-centred sectors such as AI, cloud computing, and data centres, which are rapidly driving demand for renewable energy in India.
CleanMax was recently upgraded to ‘CARE AA-/Stable’ by CARE Ratings for its long-term bank facilities and non-convertible debentures, underscoring the company’s robust performance and financial strength.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).