CleanMax Secures $575 Mn For One GW Renewable Portfolio

28 May 2026 CW Team

Clean Max Enviro Energy Solutions Limited (CleanMax) has secured $575 mn in mixed domestic and international financing to expand solar and wind projects across Rajasthan and Karnataka, supporting approximately one gigawatt (GW) of Central Transmission Utility connected capacity. The funds are intended for large-scale corporate and industrial renewable assets.

The multi-lender transaction combines External Commercial Borrowings, FCNR(B) and Rs term loans and is structured to align borrowing currency with contracted revenues, pairing USD loans with USD power purchase agreements and Rs loans with Rs agreements. CleanMax said the structure supports long-term portfolio stability and project delivery tenors.

Key tranches were allocated across special purpose vehicles. Clean Max Celestial Private Limited received $141.94 mn under an FCNR(B) facility, Clean Max Tasman Private Limited secured $124.63 mn via ECB, and VEH Green Energy Private Limited obtained $174 mn via ECB. Clean Max Enviro Energy Solutions Limited raised Rs 6,500 mn and Clean Max Atlas Private Limited secured Rs 6,300 mn through Rs term loans.

CleanMax indicated its non-Rs denominated portfolio is financed at an interest rate lower than six per cent, reflecting favourable access to long-term foreign capital. The company was upgraded to CARE AA-/Stable by CARE Ratings, a development described as validation of portfolio growth and financial strength.

CleanMax reported a contracted renewable energy portfolio of five point seven GW in FY2025-26 and noted that 74 per cent of new contracted capacity was driven by existing customers. The firm serves 588 customers across technology, digital infrastructure, manufacturing and industrial sectors, with 42 per cent of contracted power sales attributed to data centre and AI infrastructure clients. Management positioned the financing as part of a broader procurement shift driven by power-intensive digital industries.

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