Highlights

Commands amarquee institutional book spanning development finance institutions such asIFC, NABFID and IIFCL, alongside banks, NBFCs and mutual funds.

Rated CRISILAA/Stable, reflecting strong fundamentals and market leadership.

Structuredwith a secured, lock-box mechanism, the first of its kind in India's C&Irenewable sector, to finance and/or refinance solar, wind, hybrid generationand battery storage projects.

One ofCleanMax's largest domestic capital-markets issuances to date, adding a new layer of fixed-rate, long-terminstitutional capital alongside equity and project-level debt, and expandingits access to Indian debt capital markets.

Mumbai, India, September 28, 2026:

CleanMax, India's largest renewableenergy solutions provider for the commercial and industrial (“C&I”) sector,has raised ₹2,500 crore through green debt securities (NCDs) on a privateplacement basis. The NCD issuance was structured across five serieswith maturities ranging from 2 years to 10 years and coupons ranging from [8.25%to 8.76%] under a fixed rate structure, attracting wide participation frominternational and domestic investors. The issue follows CleanMax's first CRISIL rating; i.e.CRISIL AA/Stable on both its corporate credit and its NCD program, assigned inSeptember 2026.

Issuedunder CleanMax’s Green Bond Framework, the bonds are backed by a definedgreen-use-of-proceeds framework, allocated for large-scale renewable energyprojects. The Framework has been independently reviewed by CareEdge Advisoryfor alignment with applicable SEBI regulations and the ICMA Green BondPrinciples, 2025. This was raised through rated, secured, listed, redeemableNon-Convertible Debentures (NCDs) on a private placement basis.

Trust Investment Advisors Private Limited (“TIAPL”)acted as the sole arranger for this unique structured NCD issuance in theC&I renewable energy segment.

TheNCDs drew a marquee group of international and domestic institutionalinvestors. The International Finance Corporation (“IFC”), The National Bank forFinancing Infrastructure and Development (“NABFID”) and India InfrastructureFinance Company Limited (“IIFCL”) anchored the issue, alongside Aditya BirlaCapital, IDFC First Bank, Nippon India Mutual Fund and select corporates.

The debentures were priced in the range of [8.25% to 8.76%] across fiveseries ranging from 2 years to 10 years at a fixed rate. The secured structuresupports both the rating and the pricing, locking in long-term capital at acompetitive cost, especiallyset against the volatility prevailing in the broader rates market.

"Green bonds bring together two things that areincreasingly linked – capital and climate action. This issuance channelsinstitutional capital towards renewable energy while creating another avenuefor investors to participate in CleanMax’s growth. The caliber of investorsalso reflects the confidence in our fundamentals and the predictability of ourcontracted cash flows”, said Kuldeep Jain, Founder and Managing Director,CleanMax.

"This issuance is a meaningful step in deepeningCleanMax's access to the domestic bond market, allowing us to move beyondproject-level financing and draw on a broader base of institutional investors.Pricing this issue in the current macro environment with volatile interestrates made the CRISIL AA/Stable rating especially valuable as it helped ussecure a tight spread and lock in fixed-rate funding on our longest tenor of 10years”, said Nikunj Ghodawat, Chief Financial Officer, CleanMax.

As listed debt securities, the NCDs provideinstitutional investors, including mutual funds and financial institutions, anadditional avenue to participate in CleanMax's debt capital structure alongsideits equity.

TIAPL partnered with CleanMax to achieve its objectiveof securing long-term financing at fixed rates while broadening participationfrom debt capital market investors. Cyril Amarchand Mangaldas served as thelegal counsel for the issuance, while Catalyst Trusteeship Limited acted as thedebenture trustee for the NCD transaction.

Additionally, CleanMax has established a Green BondCommittee with a robust approach towards evaluating and mitigatingenvironmental and social impacts throughout the lifecycle of the projects.