CleanMax Raises $575 Million to Expand Renewable Energy Portfolio in India

Clean Max Enviro Energy Solutions Limited ,India’s largest renewable energy solutions provider for the commercial and industrial (C&I) sector, has raised approximately $575 million through a mix of domestic and international financing to expand its solar and wind energy projects across India.

The funding will be used to develop nearly 1 GW of Central Transmission Utility (CTU)-connected renewable energy projects in Rajasthan and Karnataka. The projects are aimed at supporting large corporate and technology clients seeking clean energy solutions to meet their net-zero commitments.

The financing package includes External Commercial Borrowings (ECB), INR-denominated loans, and Foreign Currency Non-Resident (Bank) [FCNR(B)] facilities arranged through multiple domestic and international lenders.

As part of the transaction, Clean Max Celestial Private Limited secured $141.94 million through an FCNR(B) facility from a leading Indian public sector bank. Clean Max Tasman Private Limited raised $124.63 million through an ECB facility backed by Societe Generale, BNP Paribas, and SMBC. VEH Green Energy Private Limited secured $174 million through ECB financing from Credit Agricole, HSBC, and DBS Bank.

Additionally, Clean Max Enviro Energy Solutions Limited obtained INR 650 crore through an INR term loan from HSBC, while Clean Max Atlas Private Limited raised INR 630 crore through INR term loans from BNP Paribas and HSBC.

The company said the financing structure aligns borrowing currencies with contracted revenues under power purchase agreements (PPAs). USD-denominated loans are linked to USD-denominated PPAs, while INR loans are backed by INR-denominated PPAs. CleanMax added that its non-INR-denominated portfolio is currently financed at interest rates below 6%.

Commenting on the development, Kuldeep Jain, Founder and Managing Director of CleanMax, said the transaction marks another milestone in the company’s expansion of large-scale renewable assets and reflects growing support for corporate decarbonisation initiatives.

Nikunj Ghodawat, Chief Financial Officer of CleanMax, said the company’s financing strategy focuses on balancing risk, improving capital efficiency, and ensuring long-term project viability through multi-lender structures across domestic and international markets.

The company said the projects also reflect growing renewable energy demand from technology-driven sectors such as artificial intelligence, cloud computing, and data centres, which are emerging as major power consumers in India.

Separately, CleanMax said it was recently upgraded to ‘CARE AA-/Stable’ by CARE Ratings for its long-term bank facilities and non-convertible debentures, citing the company’s strong operational performance, expanding portfolio, and financial strength.