Renewable energy solutions provider Clean Max Enviro Energy has raised Rs. 25 bn through the issuance of green debt securities on a private placement basis. The funds will support the company’s renewable energy activities under its green bond framework.

The rated, secured, listed and redeemable non-convertible debentures (NCDs) were issued across five series, with maturities ranging from 2 years to 10 years. The fixed-rate coupons range from 8.25 per cent to 8.76 per cent, with the issue attracting participation from international and domestic institutional investors.

The issuance follows an AA/stable rating assigned by Crisil in September to Clean Max Enviro Energy’s corporate credit and NCD programme. The bonds are supported by a defined green-use-of-proceeds framework under which the funds will be allocated to large-scale renewable energy projects.

CareEdge Advisory independently reviewed the framework for alignment with applicable Securities and Exchange Board of India regulations and the International Capital Market Association Green Bond Principles, 2025. Trust Investment Advisors acted as the sole arranger for the structured NCD issuance in the commercial and industrial renewable energy segment.

The International Finance Corporation, the National Bank for Financing Infrastructure and Development, and India Infrastructure Finance Company anchored the issue. Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates also participated.

Clean Max founder and managing director Kuldeep Jain said the transaction would channel institutional capital towards renewable energy and provide investors with another route to participate in the company’s growth. He added that the investor profile reflected confidence in the company’s fundamentals and contracted cash flows.