CleanMax Secures $575 Million for 1 GW Solar, Wind Projects

Financing to support renewable energy projects in Rajasthan and Karnataka

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Mumbai-headquartered renewable energy solutions provider Clean Max Enviro Energy Solutions (CleanMax) announced that it secured nearly $575 million to expand its solar and wind projects in India.

The financing will support large-scale, Central Transmission Utility-connected renewable energy projects across Rajasthan and Karnataka. The projects will aggregate nearly 1 GW of renewable energy capacity and serve corporate and industrial customers, including large technology companies.

The company said the financing was secured from domestic and international lenders through External Commercial Borrowings, rupee loans, and Foreign Currency Non-Resident (Bank) facilities.

Clean Max Celestial secured $141.94 million from one of India’s public sector banks under a Foreign Currency Non-Resident (Bank) facility.

Clean Max Tasman secured $124.63 million through an External Commercial Borrowing facility from Societe Generale, BNP Paribas, and SMBC.

VEH Green Energy secured $174 million through External Commercial Borrowing from Credit Agricole, HSBC, and DBS Bank.

CleanMax secured a rupee term loan of ₹6.5 billion (~$67.88 million) from HSBC. Clean Max Atlas secured ₹6.3 billion (~$65.79 million) through a rupee term loan from BNP Paribas and HSBC.

The company said the capital structure aligns borrowing currency with contracted revenues. The financing includes U.S. dollar-denominated loans backed by U.S. dollar-denominated power purchase agreements and rupee-denominated loans backed by rupee-denominated power purchase agreements.

CleanMax’s non-rupee-denominated portfolio is currently financed at an interest rate below 6%.

Kuldeep Jain, Founder and Managing Director of CleanMax, said the multi-lender collaboration would allow projects to be executed at scale while providing renewable energy solutions for the commercial and industrial sector.