CleanMax Raises $575 Million To Expand 1 GW Renewable Portfolio Across India

Clean Max Enviro Energy Solutions Limited has raised around $575 million through a series of multi-lender financing transactions, marking a significant boost for India’s renewable energy expansion. The funds will be used to develop and expand its solar and wind energy portfolio, including a large-scale Central Transmission Utility-connected project spread across Rajasthan and Karnataka with a total capacity of nearly 1 gigawatt.

The financing structure is a mix of domestic and international funding sources, reflecting strong global confidence in India’s clean energy sector. The company secured capital through External Commercial Borrowings (ECB), local currency loans, and Foreign Currency Non-Resident (Bank) facilities. The strategy was designed to match the currency of borrowing with the currency of revenue streams. As a result, dollar-denominated loans are backed by dollar-linked power purchase agreements, while rupee loans are aligned with rupee-based contracts. The non-rupee portion of the portfolio has been financed at competitive rates of below 6%, showing strong lender confidence.

Several special purpose vehicles under the company received structured funding from global and domestic banks. Societe Generale, BNP Paribas, and SMBC participated in financing Clean Max Tasman Private Limited, which raised about $124.63 million. VEH Green Energy Private Limited secured $174 million through an ECB supported by Credit Agricole, HSBC, and DBS Bank. In addition, Clean Max Celestial Private Limited received $141.94 million from a leading Indian public sector bank under an FCNR(B) facility. The parent company also raised ₹650 crore from HSBC, while Clean Max Atlas Private Limited secured ₹630 crore from BNP Paribas and HSBC.

The company stated that its funding model ensures stable cash flows, risk diversification, and long-term financial sustainability. This enables large-scale project execution while supporting corporate clients in meeting their net-zero and clean energy targets.

A key growth driver for CleanMax is the increasing demand from energy-intensive sectors such as artificial intelligence, cloud computing, and data centers. These digital infrastructure segments are rapidly becoming major consumers of renewable energy in India. According to company data, data centers and AI-related clients already contribute around 42% of its contracted renewable energy sales portfolio.

Currently, the company has a contracted portfolio of 5.7 gigawatts as of FY2025–26, with 74% of new capacity coming from existing customers. Its client base includes 588 customers, including major global corporations such as Apple, Amazon, Cisco, and Shell.

The company has also been upgraded to a ‘CARE AA-/Stable’ rating for its long-term bank facilities and non-convertible debentures, reflecting its improving financial strength and stable outlook in the renewable energy market.