CleanMax secures $575 million financing, commissions Rajasthan solar project
Clean Max Enviro Energy Solutions has announced the closure of approximately $575 million in financing across multiple lenders and the commissioning of a 351.4 MWp solar project in Rajasthan.
The financing package includes External Commercial Borrowings (ECB), Foreign Currency Non-Resident Bank [FCNR(B)] funding, and INR-denominated term loans to support nearly 1 GW of Central Transmission Utility (CTU)-connected renewable energy projects in Rajasthan and Karnataka.
Under the financing structure, Clean Max Celestial secured $141.94 million through FCNR(B) funding from an Indian public sector bank. Clean Max Tasman raised $124.63 million through ECB financing from Societe Generale, BNP Paribas and SMBC.
VEH Green Energy secured $174 million through ECB financing from Credit Agricole, HSBC and DBS Bank.
At the parent level, Clean Max Enviro Energy Solutions Limited secured Rs 650 crore through an INR term loan from HSBC, while Clean Max Atlas raised Rs 630 crore through INR term loans from BNP Paribas and HSBC.
The company stated that the financing structure aligns the borrowing currency with project revenue streams. USD-denominated debt has been linked to USD-based power purchase agreements (PPAs), while INR borrowings are aligned with INR-denominated PPAs. CleanMax said its non-INR portfolio is currently financed at an interest rate below 6%.
Separately, Clean Max Celestial Private Limited commissioned 351.4 MWp capacity at the Bikaner Solar Park in Rajasthan on May 26, 2026. The project forms part of the company’s expansion plans in the state.
Kuldeep Jain, Founder and Managing Director of CleanMax, said the transaction reflects the growing alignment between global capital flows and corporate decarbonisation initiatives in the commercial and industrial (C&I) segment.
Nikunj Ghodawat, Chief Financial Officer, said the multi-lender and multi-currency financing structure has been designed to balance risk, improve capital efficiency and support financial resilience across the company’s special purpose vehicles (SPVs).
CleanMax said its contracted renewable energy portfolio reached 5.7 GW in FY2025-26. Around 74% of newly added capacity came from existing customers, while data centres and artificial intelligence (AI) infrastructure clients accounted for 42% of contracted renewable energy power sales.
The featured photograph is for representation only.
