| Fund Raise | ₹5,462.5 CrMulti-lender Debt |
|---|---|
| Market Cap | ₹13,113.4 CrMid Cap |
| Revenue TTM | ₹1,912.9 CrOperating Income |
| Net Profit Growth | 238.1%Annual YoY |
| Deal value | ₹5,462.5 Cr |
| Share of market cap | 41.7% |
Key highlights
- Secured approximately ₹5,462.5 crore through a mix of ECB, FCNR(B), and INR term loan facilities
- Financing supports a ~1 GW portfolio of large-scale solar and wind projects connected to the Central Transmission Utility
- Lender base includes major international banks such as Credit Agricole, HSBC, BNP Paribas, and Societe Generale
- Portfolio targeting high-growth sectors like AI and data centers which contribute 42 percent of RE power sales
- Debt structure is strategically aligned with contracted revenues using USD-denominated loans for USD-denominated agreements
Details of the Financing Structure
The financing has been structured across multiple Special Purpose Vehicles and the parent entity to optimize capital efficiency. Clean Max Celestial Private Limited secured $141.94 million from a leading Indian public sector bank, while Clean Max Tasman received $124.63 million from Societe Generale, BNP Paribas, and SMBC. Additionally, VEH Green Energy Private Limited obtained $174 million from Credit Agricole, HSBC, and DBS Bank.
The parent company and Clean Max Atlas also secured combined INR term loans of 1,280 crores from HSBC and BNP Paribas, demonstrating strong multi-layered lender confidence and significant cross-border support.
Strategic Currency Alignment
A key component of this fundraise is the strategic alignment of borrowing currencies with contracted revenues to mitigate exchange rate risks. The structure comprises USD-denominated loans backed by USD-denominated Power Purchase Agreements, alongside INR-denominated loans for domestic contracts. This sophisticated approach allows the company to finance its non-INR portfolio at an interest rate lower than 6 percent.
This financial resilience is crucial as CleanMax expands its renewable portfolio for large technology clients looking to achieve net-zero ambitions through predictable long-term energy pricing and reliable green power solutions.
Portfolio Expansion and Client Retention
- Financing supports build-out of ~1 GW large-scale CTU-connected renewable energy projects
- Primary project locations are strategically focused across Rajasthan and Karnataka
- Secured a recent credit rating upgrade to CARE AA-/Stable for long-term bank facilities
- Renewable energy portfolio reached a significant milestone of 5.7 GW for the FY2025-26 cycle
- Existing customers drive approximately 74 percent of new contracted capacity highlighting high retention
Market Demand from Digital Industries
The expansion is driven by a broader shift in energy procurement by digital-age industries, specifically AI infrastructure and cloud computing sectors. These power-intensive technology sectors have emerged as key demand drivers for renewable energy in India, currently accounting for 42 percent of the company's contracted power sales portfolio. CleanMax serves 588 customers, including global giants such as Apple, Amazon, and Cisco.
The new projects will provide reliable decarbonization solutions at scale, reflecting the evolving market need for sustainable energy adoption among large-scale enterprises seeking to stabilize energy costs while meeting environmental mandates.
“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.”
“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.”
| Share price | ₹1120 |
|---|---|
| Market capitalisation | ₹13,113.41 Cr |
| Revenue (annual) | ₹1,912.87 Cr |
| Net profit (annual) | ₹94.13 Cr |
| Revenue (latest quarter) | ₹557.46 Cr+31.96% vs previous quarter |
| Net profit (latest quarter) | ₹55.42 Cr+100.44% vs previous quarter |
| P/E (TTM) | 139.31×Sector 24.9× |
| Promoter holding | 49.48% |
| FII holding | 29.8%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Clean Max Enviro Energy Solutions Limited announcing the successful raising of ~$575 million through multi-lender transactions. Market figures from a third-party data provider.
