Highlights

~$575 million secured through a diversified lender base comprising leading domestic and international banks via ECB, FCNR(B), and INR facilities.

Transaction reflects strong cross-border lender confidence and supports the build-out of CleanMax’s ~1 GW large-scale, CTU-connected renewable energy portfolio across Rajasthan and Karnataka.

These projects reflect CleanMax’s focus on high-quality renewable assets for the corporate and industrial segment, serving large technology companies.

Mumbai, May 26, 2026: Clean Max Enviro Energy Solutions Limited (NSE: CLEANMAX | BSE: 544717) (“CleanMax”), India’s largest renewable energy solutions provider for the commercial and industrial sector, has successfully raised ~$575 million to expand its solar and wind projects in India. The financing was structured through multiple lenders of domestic and international banks, 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 a renewable energy portfolio of ~1 GW. These projects reflect CleanMax’s focus on long-term, high-quality renewable assets for the corporate and industrial segment, serving 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 financing brings together global and domestic sources of capital, supporting CleanMax’s balance sheet strength and its role in India’s clean energy transition. The multi-lender structure is designed to align financing tenors with asset development and support long-term portfolio stability.

Key Financing Details

• Clean Max Celestial Private Limited: $141.94 million from one of India’s leading public sector banks under an FCNR(B) facility.
• Clean Max Tasman Private Limited: $124.63 million secured via an ECB facility from Societe Generale, BNP Paribas, and SMBC.
• VEH Green Energy Private Limited: $174 million secured through ECB from Credit Agricole, HSBC, and DBS Bank.
• Clean Max Enviro Energy Solutions Limited: INR 650 crores secured through an INR term loan from HSBC.
• Clean Max Atlas Private Limited: INR 630 crores secured through an INR term loan from BNP Paribas and HSBC.

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%.

Commenting on the development, Mr. Kuldeep Jain, Founder & Managing Director, Clean Max Enviro Energy Solutions Limited, said “We are delighted to mark another step forward in CleanMax’s journey of building large-scale, high-quality renewable assets. This brings together global capital and corporate decarbonization at scale. 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.”

Mr. Nikunj Ghodawat, Chief Financial Officer, Clean Max Enviro Energy Solutions Limited, said “Renewable energy growth is entering a more evolved phase, driven by the convergence of corporate demand and global pools of long-term capital. 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.”

These projects reflect a broader shift in renewable energy procurement patterns for new digital-age industries, particularly across high-growth, power-intensive, technology-centred sectors such as AI, cloud computing, and data centres, which are rapidly emerging as a key demand driver for renewable energy in India.

CleanMax was also recently upgraded to ‘CARE AA-/Stable’ by CARE Ratings for its long-term bank facilities and non-convertible debentures, highlighting the company’s robust performance, expanding portfolio, and financial strength.