CleanMax’s contracted renewable energy portfolio reached 5.7 GW in FY26.
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PIROSCHKA VAN DE WOUW
Clean Max Enviro Energy Solutions (CleanMax) has successfully raised around $575 million to expand its solar and wind projects in India.
The financing was structured through multiple lenders both domestic and international, comprising External Commercial Borrowings (ECB), INR borrowing and Foreign Currency Non-Resident (Bank) (FCNR(B)) facilities.
The funding will support large-scale, Central Transmission Utility (CTU) connected renewable projects across Rajasthan and Karnataka aggregating to around 1 gigawatt (GW).
Kuldeep Jain, Managing Director of CleanMax, 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.”
Bullish on market
These projects reflect CleanMax’s focus on long-term, high-quality renewable assets for the corporate and industrial segment for large tech companies. The transaction highlights growing confidence among Indian and international lenders across various types of loans in India’s renewable energy market and CleanMax’s ability to structure and execute complex, cross-border financings at scale, the company 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-denominated PPAs, along with INR-denominated loans backed by INR-denominated PPAs. CleanMax’s non INR-denominated portfolio is currently financed at an interest rate lower than 6 per cent, it said.
Nikunj Ghodawat, CFO of CleanMax, said, “For us, securing national and international financing of this scale requires careful structuring to balance risk, capital efficiency, and long-term project viability. 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 FY26. It serves 588 customers across technology, digital infrastructure, manufacturing and industrial sectors, with data centres & AI infrastructure customers contributing 42 per cent of its contracted RE Power sales portfolio. Its clientele includes global and Indian corporations such as Apple, Amazon, Cisco, Equinix, BASF, Shell, CEAT and ST Telemedia Global Data Centres, among others.
Published on May 26, 2026
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