CleanMax Enviro Energy Solutions Ltd., India’s largest renewable energy solutions provider for the commercial and industrial sector has successfully raised funding to the tune of US$ 575 million to expand its solar and wind energy portfolio across India. The financing has been structured through a consortium of domestic and international lenders and includes External Commercial Borrowings (ECB), INR-denominated facilities, and Foreign Currency Non-Resident (Bank) (FCNR(B)) instruments.
The funding will be directed towards the development of large-scale, Central Transmission Utility (CTU)-connected renewable energy projects in Rajasthan and Karnataka, collectively forming a 1 GW portfolio. These projects underscore CleanMax Enviro Energy Solutions’s continued focus on building long-term, high-quality renewable assets for corporate and industrial customers, including large technology companies. The transaction also reflects increasing confidence among both Indian and international lenders in India’s renewable energy sector, while highlighting CleanMax’s capability to structure and execute complex cross-border financing arrangements at scale.
The financing combines both global and domestic sources of capital, reinforcing CleanMax Enviro Energy Solutions’s balance sheet strength and its growing role in India’s clean energy transition. The multi-lender structure is designed to better align funding tenures with project development cycles, while enhancing long-term portfolio stability and financial resilience.
Key Financing Details:
- Clean Max Celestial Private Limited: $141.94 million from one of India’s leading public sector
banks under an FCNR(B) facility - Clean Max Tasman Private Limited: $124.63 million secured via ECB facility from Societe Generale,
BNP Paribas, and SMBC - VEH Green Energy Private Limited: $174 million secured through ECB from Credit Agricole, HSBC,
and DBS Bank - Clean Max Enviro Energy Solutions Limited: INR 650 crores secured through INR term loan from
HSBC - Clean Max Atlas Private Limited: INR 630 crores secured through INR term loan from BNP Paribas
and HSBC
The capital structure strategically aligns borrowing currency with contracted revenues. The fund raise thus, comprises a mix of USD-denominated loans backed by USD-denominated PPAs, along with INR-denominated loans backed by INR-denominated PPAs. CleanMax’s non INR denominated portfolio is currently financed at an interest rate lower than 6%.
Commenting on the development, Mr. Kuldeep Jain, Founder & Managing Director, Clean Max Enviro Energy Solutions Limited said, “We are delighted to mark another step forward in CleanMax’s journey of building large-scale, high-quality renewable assets. This brings together global capital and corporate decarbonization at scale. Multi-lender collaborations allow projects to be executed at scale while providing reliable solutions for the commercial and industrial sector. This also reflects how the market is evolving to support sustainable energy adoption for enterprises to move toward net-zero.”
Mr. Nikunj Ghodawat, Chief Financial Officer, Clean Max Enviro Energy Solutions Limited said “Renewable energy growth is entering a more evolved phase, driven by the convergence of corporate demand and global pools of long-term capital. For us, securing national and international financing of this scale requires careful structuring to balance risk, capital efficiency, and long-term project viability. By working with multi lenders across domestic and international markets, across different types of loans, we have been able to align financing across multiple SPVs. This ensures predictable cash flows and financial resilience, as we expand our renewable energy portfolio for large tech clients to further their net zero ambitions.”
These projects reflect a broader shift in renewable energy procurement patterns for new digital-age industries, particularly across high-growth, power-intensive technology-centered sectors such as AI, cloud computing, and data centres, which are rapidly emerging as a key demand driver for renewable energy in India.
CleanMax was also recently upgraded to ‘CARE AA-/Stable’ by CARE Ratings for its long-term bank facilities and non-convertible debentures, highlighting the company’s robust performance, expanding portfolio and financial strength.
