Clean Max raises $575m for 1 GW India renewables projects

Funding announcement and what it signals

Clean Max Enviro Energy Solutions Limited said it has secured around $175 million in financing to expand its solar and wind portfolio in India. The company positioned the fundraise as a step toward building large-scale renewable assets for commercial and industrial customers. According to its statement, the capital will be used for central transmission utility (CTU) connected renewable projects in Rajasthan and Karnataka. The targeted capacity under this expansion is nearly 1 GW.

Kuldeep Jain, Founder and Managing Director of Clean Max Enviro Energy Solutions Limited, said the funding will support corporate decarbonisation requirements. The company operates in the commercial and industrial (C&I) renewable power segment, where projects are typically contracted to corporate customers. Clean Max also described the structure as a multi-lender financing raised across domestic and international banks.

Where the new capital will be deployed

Clean Max said the financing will support CTU-connected solar and wind projects across Rajasthan and Karnataka. These projects are planned at a scale that aggregates to nearly 1 GW of renewable energy portfolio. CTU connectivity matters because it allows projects to connect to the central transmission network, which is relevant for evacuating power at scale.

The company’s comments link this build-out to corporate and industrial demand for clean energy. Clean Max has previously highlighted its focus on long-term, high-quality renewable assets for large corporate customers, including large technology companies. The company did not disclose commissioning timelines in the provided information, but it framed the build-out as a portfolio expansion backed by long-tenor financing.

How the financing is structured

The company said the $175 million was raised through a mix of external commercial borrowings (ECBs), rupee-denominated term loans, and foreign currency non-resident (bank) (FCNR(B)) facilities. The financing involved multiple domestic and international lenders. Clean Max also said the structure aligns borrowing currencies with contracted power purchase agreement (PPA) revenues, which it described as supportive of long-term portfolio stability.

In one of the disclosures, Clean Max noted that the non-INR portfolio was financed at interest rates below 6%. While the company did not provide an overall blended cost of funds, it highlighted this point to explain why foreign currency structures were part of the mix.

Key transactions across group entities

Clean Max disclosed several entity-level transactions that together form the broader financing package. Clean Max Celestial secured $141.94 million under an FCNR(B) facility from a public sector bank. Clean Max Tasman raised $124.63 million via ECB financing, with Societe Generale, BNP Paribas and Sumitomo Mitsui Banking Corporation (SMBC) participating.

VEH Green Energy raised $174 million through ECB financing from Credit Agricole, HSBC and DBS Bank. At the parent level, Clean Max Enviro Energy Solutions Ltd raised a rupee term loan of ₹650 crore from HSBC. Clean Max Atlas Pvt. Ltd added another rupee term loan of ₹630 crore from BNP Paribas and HSBC.

Lenders involved in the fundraise

The lender roster in the information provided spans both global and domestic banking channels. Clean Max named Societe Generale, BNP Paribas, Sumitomo Mitsui Banking Corporation, DBS Bank and HSBC as part of the fundraise. In the tranche-level details, Credit Agricole is also listed as an ECB lender.

This multi-lender setup is consistent with the company’s description of a structured financing package that combines different borrowing formats. It also reflects the fact that different project SPVs and entities can raise separate facilities aligned to their cash flows and contracted revenues.

Clean Max footprint and operating base

Clean Max is an India-based renewable energy company that supplies renewable power to commercial and industrial customers. The company said it operates across India, the Middle East and South-East Asia. It also said it operates more than 450 MW of solar and wind farms to supply clean energy to corporate customers.

Separately, the provided information said that as of March 31, 2026, Clean Max had an overall operational capacity of 3.10 GW. It also said that as of FY2025-26, Clean Max manages a contracted renewable energy portfolio of 5.7 GW.

Credit profile and what was stated publicly

The information provided said the company’s credit rating has been reaffirmed at CARE AA-/Stable. While detailed rationale and metrics were not included in the text shared, the reaffirmation is presented as part of the context around the financing and expansion.

Clean Max has emphasised the role of contracting discipline in the C&I segment, where projects are backed by corporate off-take arrangements. In its statement on the financing, the company also emphasised matching borrowing currencies with PPA revenues to support stability.

Recent project activity: hybrid projects and group-captive model

The provided information also describes recent Clean Max activity beyond the 1 GW build-out. Clean Max secured a partnership with Shell to develop 30 MW of hybrid renewable energy projects across Gujarat and Karnataka. The partnership includes a 16.83 MW hybrid plant (6.93 MWp solar and 9.90 MW wind) for Shell’s LNG terminal at Hazira, and a 13.20 MW hybrid plant (9.90 MWp solar in Jagalur and 3.30 MW wind in Honawad) to serve Shell’s Technology Centre in Bengaluru.

These two projects are expected to generate approximately 66,832 MWh of renewable energy annually, and both are described as operating under the group-captive model. The group-captive approach is widely used in the C&I market to enable corporate procurement while meeting regulatory conditions.

Revenue-linked project detail disclosed for Gujarat

The information provided also said Clean Max commissioned a 185 MW wind-solar hybrid project in Kalavad, Gujarat. The project is expected to add upwards of ₹165 crore in annual revenue in FY2027. It serves 17 corporate customers under the group captive model with 25-year fixed-tariff PPAs.

The same disclosure said the commissioning brought the company’s total Gujarat capacity to about 844 MW. It also reiterated the operational capacity figure of 3.10 GW as of March 31, 2026.

Key numbers at a glance

Why this matters for the C&I renewable market

The $175 million raise is notable because it supports CTU-connected projects at close to 1 GW scale, which is larger than typical single-site corporate procurement projects. It also shows how C&I-focused renewable developers are using a combination of domestic rupee funding and foreign currency structures such as ECB and FCNR(B) to meet project financing needs.

For corporate customers, the expansion aligns with the stated objective of meeting decarbonisation requirements. For lenders, the multi-entity structure and currency alignment with PPA revenues are presented as tools to manage long-term cash flow matching, though the company did not provide project-by-project PPA details in the information shared.

Conclusion

Clean Max Enviro Energy Solutions said it has raised around $175 million through a mix of domestic and international financing to expand its solar and wind portfolio in India. The company plans to use the capital to support nearly 1 GW of CTU-connected renewable projects across Rajasthan and Karnataka. Clean Max also highlighted currency alignment with PPA revenues and disclosed multiple entity-level tranches, alongside a CARE AA-/Stable rating reaffirmation. The next set of milestones to watch will be updates from the company on project execution and commissioning progress for the CTU-connected portfolio.