The fundraise will power renewable energy projects for digital‑age industries, particularly AI, cloud computing, and data centres, sectors rapidly emerging as key demand drivers in India’s clean energy transition.
Clean Max Enviro Energy Solutions Ltd, India’s largest renewable energy solutions provider for the commercial and industrial (C&I) sector, has successfully raised around $575 million to expand its solar and wind portfolio. The financing was structured through multiple domestic and international lenders, comprising external commercial borrowings (ECBs), INR borrowings, and foreign currency non‑resident (bank) (FCNR(B)) facilities.
The funding will support large‑scale central transmission utility‑connected renewable projects across Rajasthan and Karnataka, aggregating to nearly 1 GW. These projects reflect CleanMax’s focus on long‑term, high‑quality renewable assets for the C&I segment, particularly large technology companies. The transaction highlights growing confidence among Indian and global lenders in India’s renewable energy market and CleanMax’s ability to structure and execute complex, cross‑border financings at scale.
Commenting on the development, Kuldeep Jain, Founder & Managing Director, said, “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.”
Nikunj Ghodawat, CFO, added, “By working with multiple 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.”
Diversified Financing Structure
The financing package spans multiple subsidiaries. Clean Max Celestial Pvt. Ltd secured $141.94 million under an FCNR(B) facility from a leading Indian public sector bank. Clean Max Tasman Pvt. Ltd raised $124.63 million via an ECB facility from Societe Generale, BNP Paribas, and SMBC. VEH Green Energy Pvt. Ltd obtained $174 million through an ECB from Credit Agricole, HSBC, and DBS Bank.
At the parent level, Clean Max Enviro Energy Solutions Ltd raised a ₹650 crore INR term loan from HSBC. Clean Max Atlas Pvt. Ltd added another ₹630 crore INR term loan from BNP Paribas and HSBC.
This diverse financing mix strengthens CleanMax’s balance sheet and aligns borrowing tenors with asset development, ensuring long‑term portfolio stability. By strategically matching borrowing currency with contracted revenues—USD loans backed by USD power purchase agreements (PPAs), and INR loans backed by INR PPAs—CleanMax has created a resilient capital structure. Notably, its non‑INR portfolio is financed at interest rates below 6 per cent.
These projects highlight a broader shift in renewable energy procurement patterns for digital‑age industries, particularly AI, cloud computing, and data centres; sectors rapidly emerging as key demand drivers for India’s clean energy transition.