CleanMax has raised ₹2,500 crore through a private placement of secured, listed and rated green non-convertible debentures (NCDs), adding long-term fixed-rate institutional debt to its funding mix as the commercial and industrial (C&I) renewable energy developer expands its solar, wind, hybrid and battery storage portfolio.
The issuance comprises five series with maturities ranging from two to 10 years. According to CleanMax, the NCDs carry fixed coupons ranging from 8.25% to 8.76% and attracted participation from international and domestic institutional investors.
The transaction follows CleanMax’s first corporate credit rating from CRISIL, which assigned a CRISIL AA/Stable rating to both the company’s corporate credit profile and the ₹2,500 crore NCD programme on 7 September 2026. CRISIL said the rating reflects CleanMax’s position in the C&I renewable energy segment, diversified asset portfolio, counterparty profile, operating performance, cash-flow visibility and controlled leverage.
CleanMax describes the transaction as India’s first green bond issuance in the C&I renewable energy sector using a secured lock-box structure. That sector-specific “first” claim is attributed to the company; independent public verification of the distinction was not identified in the sources reviewed.
Five-series structure targets longer-term institutional capital
The NCDs have been issued under CleanMax’s Green Bond Framework, with proceeds earmarked for financing and/or refinancing eligible renewable energy assets.
The company said eligible projects will include solar, wind, hybrid renewable generation and battery energy storage. The framework has been independently reviewed by CareEdge Advisory for alignment with applicable Securities and Exchange Board of India (SEBI) requirements and the ICMA Green Bond Principles, 2025, according to the company.
The securities are structured as secured, rated, listed and redeemable NCDs issued through private placement. Trust Investment Advisors Private Limited (TIAPL) acted as the sole arranger.
CleanMax said the secured lock-box mechanism was designed to support the transaction’s credit structure while providing institutional investors with exposure to long-duration renewable-energy debt.
SEBI’s green-debt framework requires issuers to disclose the environmental objectives of an issuance, the process for determining eligible projects or assets, systems for tracking proceeds and details of how funds will be deployed, including refinancing of existing green assets.
Development finance institutions anchor the issue
The investor base included development finance institutions, banks, non-banking financial companies, mutual funds and corporates.
According to CleanMax, the International Finance Corporation (IFC), National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company Limited (IIFCL) anchored the issue.
Other participating investors named by the company include Aditya Birla Capital, IDFC FIRST Bank and Nippon India Mutual Fund, along with selected corporate investors.
The issue therefore broadens CleanMax’s funding sources beyond project-level financing and equity. The company said the NCDs provide institutional investors with another route to participate in its debt capital structure alongside its equity.
CRISIL rating supports debt-market access
The ₹2,500 crore NCD programme received its CRISIL AA/Stable rating in September, shortly before the fundraising.
CRISIL reported that CleanMax had 3.5 GW of operational renewable-energy power-sales capacity as of 30 June 2026, spread across more than 1,300 power purchase agreements and around 600 customers in seven Indian states. The company also operates at around 1,600 onsite locations across four countries, according to the rating agency.
CRISIL’s assessment also identified a sizeable contracted portfolio that had yet to be commissioned. The rating rationale stated that CleanMax had around 2.5 GW of contracted capacity under construction or awaiting execution as of 30 June 2026, with planned commissioning over the following 18–24 months. Execution, grid availability and regulatory changes affecting C&I renewable projects were identified among the factors requiring monitoring.
The rating agency said approximately ₹1,100 crore of the proposed NCD proceeds would be used to refinance debt at identified special-purpose vehicles, while roughly ₹1,400 crore would support promoter contributions for capacities being developed over the next 15–18 months.
Fixed-rate funding adds another layer to CleanMax’s capital structure
CleanMax Founder and Managing Director Kuldeep Jain said the green-bond transaction combines institutional capital with renewable-energy investment and provides another financing route for the company’s expansion.
Chief Financial Officer Nikunj Ghodawat said the issuance would deepen CleanMax’s access to the domestic bond market and allow it to supplement project-level financing with institutional debt-market funding.
The five NCD series extend to a maximum maturity of 10 years. CleanMax said this gives it access to fixed-rate capital over a longer period while reducing exposure to future interest-rate movements on the funded amount.
The company has been increasing its focus on capacity expansion. In July, CleanMax reported that its contracted renewable-energy power-sales portfolio had reached about 6 GW, while it had commissioned 500 MW during the first quarter of FY27.
Green-use-of-proceeds framework includes storage
The inclusion of battery storage alongside solar, wind and hybrid generation is notable because renewable developers increasingly require financing structures capable of supporting both generation and flexibility assets.
Under the stated Green Bond Framework, CleanMax intends to direct proceeds towards eligible renewable-energy projects and may also refinance qualifying existing assets.
The company has also established a Green Bond Committee to evaluate projects and address environmental and social considerations during their lifecycle.
Cyril Amarchand Mangaldas acted as legal counsel for the transaction, while Catalyst Trusteeship Limited served as debenture trustee.
Bioenergy Business Analysis
CleanMax’s ₹2,500 crore transaction illustrates the growing role of domestic debt capital markets in financing India’s expanding C&I renewable-energy infrastructure. The significance of the transaction is not simply its size: the combination of a 10-year fixed-rate tenor, secured structure and institutional participation gives CleanMax a financing instrument that sits between conventional project finance and equity in its broader capital stack.
The transaction also comes as CleanMax has a substantial contracted pipeline requiring capital deployment. CRISIL’s rating rationale indicates that part of the proceeds will refinance existing SPV-level debt while the remainder will support promoter contributions for projects under development. This means the fundraising serves both balance-sheet refinancing and growth financing rather than representing a pure new-project funding exercise.
For the wider C&I renewable sector, the transaction highlights the importance of credit quality, contracted cash flows and portfolio diversification in accessing longer-duration institutional capital. At the same time, the scale-up introduces execution, grid-evacuation and regulatory risks that remain relevant to CleanMax’s future financial performance, particularly given its sizeable under-construction portfolio identified by CRISIL.
The inclusion of battery storage in the eligible use-of-proceeds categories also reflects the changing financing requirements of renewable portfolios as developers move beyond standalone generation towards hybrid and dispatchable clean-power solutions.
