Clean Max Enviro Energy Solutions Limited has received a corporate credit rating of ‘CRISIL AA/Stable’ from CRISIL Ratings Limited. The rating also applies to the company’s proposed non-convertible debentures (NCDs) of up to ₹2,500 crore.
This marks CleanMax’s first credit rating from CRISIL and indicates a high degree of safety with regard to the company’s ability to service its financial obligations. The rating is also expected to support the company in diversifying its sources of funding and accessing capital markets at competitive financing costs.
CleanMax is evaluating the issuance of domestic bonds/NCDs of up to ₹2,500 crore to finance its future capital expenditure requirements. The proposed debt instruments are expected to provide access to fixed-rate funding as the company continues to expand its renewable energy portfolio.
As of June 30, 2026, CleanMax had reached an operational renewable energy capacity of 4.2 GW, comprising 3.5 GW under its renewable energy power sales business and 0.7 GW under renewable energy services.
The company’s total contracted portfolio stood at 6.8 GW across approximately 600 customers, while its contracted renewable energy power sales portfolio reached around 6.0 GW. Existing customers accounted for 79% of newly contracted capacity, reflecting continued expansion within its established customer base.
CleanMax also achieved a record quarterly commissioning of 500 MW in Q1 FY27 and plans to add more than 1.5 GW of renewable energy capacity during FY27.
The company positions itself as a leading pure-play commercial and industrial (C&I) renewable energy provider in India. Data centres and artificial intelligence (AI) infrastructure customers account for 42% of its contracted renewable energy power sales portfolio. Its customer base includes global and Indian technology and industrial companies such as Apple, Amazon, Google, Meta, Cisco, Equinix, BASF, Shell, CEAT and STT GDC India.
On the sustainability front, CleanMax achieved a GRESB score of 100/100 and a five-star rating, securing global sector leadership in renewable power generation.
Commenting on the development, Nikunj Ghodawat, Chief Financial Officer, CleanMax, highlighted the significance of the company’s first CRISIL rating and its potential to strengthen access to diversified sources of capital as CleanMax scales its renewable energy portfolio.
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