Clean Max Enviro Energy Solutions, a renewable energy solutions provider for the commercial and industrial sector, has raised $575 million to support the development of around 1 GW of solar and wind projects across the Indian states of Rajasthan and Karnataka.
The financing package includes external commercial borrowings (ECB), foreign currency non-resident bank [FCNR(B)] facilities, and INR-denominated loans from a mix of domestic and international lenders.
The funding will support CleanMax large-scale renewable projects, connected to India’s central transmission utility (CTU) network, for offtake by corporate and industrial customers, including large technology companies.
The company said the latest financing brings together global and domestic sources of capital, supporting CleanMax’s balance sheet strength and its role in India’s clean energy transition. The multi-lender structure is designed to align financing tenors with asset development and support long-term portfolio stability.
The financing includes:
• $141.94 million raised by Clean Max Celestial through an FCNR(B) facility from an Indian public sector bank
• $124.63 million secured by Clean Max Tasman through ECB facilities from Societe Generale, BNP Paribas, and SMBC
• $174 million raised by VEH Green Energy through ECB facilities from Credit Agricole, HSBC, and DBS Bank
• INR 650 crore secured by Clean Max Enviro Energy Solutions through an INR term loan from HSBC
• INR 630 crore secured by Clean Max Atlas through INR term loans from BNP Paribas and HSBC
CleanMax said the capital structure strategically aligns borrowing currency with contracted revenues. The fund raise thus comprises a mix of USD-denominated loans backed by USD-linked power purchase agreements (PPAs), along with INR-denominated loans backed by INR-denominated PPAs. The company said its non-INR-denominated portfolio is currently financed at an interest rate lower than 6%.
Kuldeep Jain, founder & managing director, Clean Max Enviro Energy Solutions, said the financing marks another step forward in CleanMax’s journey of building large-scale, high-quality renewable assets. “Multi-lender collaborations allow projects to be executed at scale while providing reliable solutions for the commercial and industrial sector,” he added.
Nikunj Ghodawat, chief financial officer, Clean Max Enviro Energy Solutions, said, “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.”
CleanMax’s contracted renewable energy portfolio reached 5.7 GW in FY2025-26, with 74% of new contracted capacity driven by existing customers. The company today serves 588 customers across technology, digital infrastructure, manufacturing, and industrial sectors, with Data Centres & AI infrastructure customers contributing 42% of its contracted RE Power Sales portfolio.
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