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.
