CleanMax, a renewable energy solutions provider focused on the commercial and industrial (C&I) sector, has raised ₹2,500 crore through green debt securities, marking a significant transaction in India’s green bond market. The funds were raised through rated, secured, listed, and redeemable Non-Convertible Debentures (NCDs) on a private placement basis.
The NCD issuance was structured across five series with maturities ranging from two years to 10 years. The securities carry fixed coupons ranging from 8.25% to 8.76%. The issue attracted participation from a group of international and domestic institutional investors.
The transaction follows CleanMax’s first credit rating from CRISIL. In September 2026, CRISIL assigned a CRISIL AA/Stable rating to both the company’s corporate credit and its NCD programme.
The bonds were issued under CleanMax’s Green Bond Framework, with proceeds earmarked for large-scale renewable energy projects. CareEdge Advisory independently reviewed the framework for alignment with applicable Securities and Exchange Board of India (SEBI) regulations and the International Capital Market Association (ICMA) Green Bond Principles, 2025.
International Finance Corporation (IFC), National Bank for Financing Infrastructure and Development (NABFID), and India Infrastructure Finance Company Limited (IIFCL) anchored the issue. Other participating investors included Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund, and select corporates.
Trust Investment Advisors Private Limited (TIAPL) acted as the sole arranger for the structured NCD issuance. Cyril Amarchand Mangaldas served as legal counsel, while Catalyst Trusteeship Limited acted as the debenture trustee.
According to CleanMax, the secured structure helped support the rating and pricing of the securities while enabling the company to secure long-term capital at fixed rates. The 10-year maturity also provides the company with longer-term funding amid volatility in interest rates.
Kuldeep Jain, Founder and Managing Director of CleanMax, said the green bond issuance brings institutional capital closer to climate action by directing funds towards renewable energy projects. He added that the participation of major investors reflects confidence in the company’s fundamentals and contracted cash flows.
Nikunj Ghodawat, Chief Financial Officer of CleanMax, said the transaction strengthens the company’s access to the domestic bond market and expands its investor base beyond project-level financing. He also highlighted the role of the CRISIL AA/Stable rating in securing fixed-rate funding across the 10-year tenor.
As listed debt securities, the NCDs provide institutional investors such as mutual funds and financial institutions with an additional route to participate in CleanMax’s debt capital structure alongside equity.
CleanMax has also established a Green Bond Committee to evaluate and mitigate environmental and social impacts associated with renewable energy projects throughout their lifecycle.
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