CLEANMAX raises USD 575 million to support renewable projects

Clean Max Enviro Energy Solutions 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 for large tech companies.

The transaction highlights growing confidence among Indian & 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.

Key Financing Details:

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