Clean Max Enviro Energy Solutions Limited has raised nearly $575 million through a combination of domestic and international financing to strengthen its renewable energy portfolio and expand large-scale solar and wind projects across India.
The company said the funds will be used to develop close to 1 gigawatt of Central Transmission Utility-connected renewable energy projects in Rajasthan and Karnataka. The projects are intended to support corporate and technology sector clients seeking clean energy to meet their net-zero goals, Solarquarter reported.
The financing package includes External Commercial Borrowings, rupee-denominated loans and Foreign Currency Non-Resident (Bank) facilities arranged through a consortium of Indian and international lenders.
As part of the funding exercise, 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 External Commercial Borrowing facility supported by Societe Generale, BNP Paribas and SMBC.
Meanwhile, VEH Green Energy Private Limited secured $174 million in ECB financing from Credit Agricole, HSBC and DBS Bank.
In addition, CleanMax secured ₹650 crore through a rupee term loan from HSBC, while Clean Max Atlas Private Limited raised ₹630 crore through term loans backed by BNP Paribas and HSBC.
The company stated that the financing structure has been designed to align loan currencies with revenues generated under power purchase agreements. Dollar-denominated loans are linked to dollar-based PPAs, while rupee loans are tied to rupee-denominated agreements. According to the company, its foreign currency-linked portfolio is currently financed at interest rates below 6 percent.
Commenting on the development, Kuldeep Jain said the fundraising marks another important step in the company’s expansion of large-scale renewable energy assets and highlights increasing support for corporate decarbonisation initiatives.
Nikunj Ghodawat said the company’s financing strategy is focused on balancing financial risk, improving capital efficiency and ensuring long-term sustainability of projects through diversified lending structures.
CleanMax also noted that rising electricity demand from sectors such as artificial intelligence, cloud computing and data centres is driving increased demand for renewable energy solutions in India.
Separately, the company said it recently received an upgraded ‘CARE AA-/Stable’ rating from CARE Ratings for its long-term bank facilities and non-convertible debentures, citing strong operational performance, portfolio expansion and financial stability.
