India’s Clean Max Enviro Energy Solutions Ltd. has raised approximately $575 million through a mix of domestic and international financing facilities to support the development of nearly 1 gigawatt of renewable energy projects in Rajasthan and Karnataka, underscoring rising lender appetite for India’s fast-growing corporate clean power market.
The Mumbai-based company said the financing package combines external commercial borrowings (ECB), foreign currency non-resident bank facilities, and rupee-denominated loans sourced from a consortium of global and Indian lenders.
The projects will be connected to India’s Central Transmission Utility network and are focused on supplying renewable power to large commercial and industrial customers, particularly technology and digital infrastructure firms with expanding clean energy requirements.
The financing structure includes:
- $141.94 million FCNR(B) financing for Clean Max Celestial from a major Indian public sector bank;
- $124.63 million ECB financing for Clean Max Tasman from Societe Generale, BNP Paribas, and SMBC;
- $174 million ECB financing for VEH Green Energy from Credit Agricole, HSBC, and DBS Bank;
- INR 650 crore ($76 million) term loan financing for Clean Max Enviro Energy Solutions from HSBC; and
- INR 630 crore ($74 million) term loan financing for Clean Max Atlas from BNP Paribas and HSBC.
CleanMax said the capital stack was designed to align currency exposure with underlying revenue streams, pairing U.S. dollar-denominated debt with dollar-linked power purchase agreements while using rupee loans for domestic contracts. The company added that its foreign currency-linked portfolio is currently financed at interest rates below 6%.
Founder and Managing Director Kuldeep Jain said the transaction reflects growing global capital interest in corporate decarbonization projects in India.
The deal also highlights how India’s renewable energy sector is increasingly being driven by electricity demand from data centers, artificial intelligence infrastructure, and cloud computing operations — sectors requiring large volumes of stable power supply as digitalization accelerates.
CleanMax said its contracted renewable portfolio reached 5.7 GW in fiscal year 2025-26, with existing customers accounting for roughly 74% of newly contracted capacity. The company serves 588 clients including Amazon, Apple, Cisco, BASF, Shell, and Equinix. Data center and AI infrastructure customers now account for 42% of its contracted renewable power sales portfolio.
The financing comes amid a broader surge in renewable energy investment across India as corporations pursue net-zero targets and seek long-term power price stability. International lenders have increasingly targeted Indian clean energy infrastructure, particularly projects backed by investment-grade corporate offtake agreements.
CleanMax also noted that CARE Ratings recently upgraded the company to “CARE AA-/Stable,” citing portfolio growth and financial performance.
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