Clean Max Enviro Energy raises Rs 2,500 cr via green bonds

Renewable energy solutions provider Clean Max Enviro Energy on Monday said that it has raised Rs 2,500 crore through the issuance of green debt securities on a private placement basis.

The non-convertible debenture (NCD) issuance was structured across five series with maturities between 2 years and 10 years and coupon rates ranging from 8.25 per cent to 8.76 per cent under a fixed rate structure, attracting wide participation from international and domestic investors, the company said in a statement.

The issue follows an AA/stable rating by Crisil assigned in September to CleanMax's corporate credit and its NCD programme, the company stated.


Issued under CleanMax's green bond framework, the bonds are backed by a defined green-use-of-proceeds framework, allocated for large-scale renewable energy projects.

The framework has been independently reviewed by CareEdge Advisory for alignment with applicable SEBI regulations and the ICMA Green Bond Principles, 2025. This was raised through rated, secured, listed, redeemable non-convertible debentures (NCDs) on a private placement basis.

Trust Investment Advisors Private Limited (TIAPL) acted as the sole arranger for this unique structured NCD issuance in the C&I renewable energy segment.

The NCDs drew a marquee group of international and domestic institutional investors.

The International Finance Corporation (IFC), the National Bank for Financing Infrastructure and Development (NABFID) and India Infrastructure Finance Company Limited anchored the issue, alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates.

"Green bonds bring together two things that are increasingly linked - capital and climate action. This issuance channels institutional capital towards renewable energy while creating another avenue for investors to participate in CleanMax's growth. The calibre of investors also reflects the confidence in our fundamentals and the predictability of our contracted cash flows," said Kuldeep Jain, Founder and Managing Director, CleanMax.