CleanMax obtained approximately $575 million through a multi-lender financing structure to drive solar and wind projects in Rajasthan and Karnataka. The operation will support a portfolio close to 1 GW connected to India’s central transmission network.
The company structured the capital raising through external commercial borrowings (ECB), Indian rupee financing, and FCNR(B) instruments, integrating domestic and international banks. The model seeks to balance financial risk and ensure long-term stability for renewable assets.
International Financing Drives Renewable Expansion
The operation reflects growing participation of global financial entities in the Indian energy market. Banks involved include HSBC, BNP Paribas, DBS Bank, Credit Agricole, Societe Generale, and SMBC.
Part of the funds were allocated to different special purpose vehicles (SPVs) used to develop large-scale renewable projects. According to the company, the financial structure allows aligning debt currency with power supply contracts signed with corporate clients.
Additionally, CleanMax indicated that part of its dollar-financed portfolio maintains interest costs below 6%, an element that improves the competitiveness of its clean energy projects.
Rajasthan and Karnataka Concentrate New Projects
The developments will be located primarily in Rajasthan and Karnataka, two of the regions with the highest growth in renewable generation within India.
The company noted that these assets will be oriented toward the commercial and industrial segment, especially technology companies with high energy requirements. Among the sectors with greatest demand are artificial intelligence, cloud computing, and data centers.
The growth of these industries is modifying the energy contracting pattern in India, where companies seek long-term renewable supply contracts to meet net-zero emissions targets.
CleanMax Strengthens Its Position in Corporate Energy
CleanMax stated that its contracted portfolio reached 5.7 GW during fiscal year 2025-26. The company currently serves hundreds of industrial and technology clients, including companies linked to digital infrastructure and advanced manufacturing.
Its clients include Apple, Amazon, Cisco, BASF, and Equinix. According to company data, sectors related to artificial intelligence and data centers represent a significant portion of its renewable energy contracts.
Kuldeep Jain, founder and managing director of CleanMax, noted that the financing will enable accelerating the construction of large-scale renewable assets for corporate clients. The executive also highlighted that collaboration among multiple lenders facilitates the development of complex projects within the Indian energy market.
For his part, Nikunj Ghodawat, chief financial officer of the company, stated that the expansion of the renewable sector is being driven by the combination of corporate demand and availability of long-term international capital.
Indian Renewable Market Maintains Financial Attractiveness
The operation also coincides with an improvement in CleanMax’s credit rating, which recently obtained the “CARE AA-/Stable” rating for part of its long-term financial obligations.
India’s renewable energy market continues to attract international investments thanks to sustained growth in electricity demand and the expansion of digital sectors with high energy consumption.
Industry analysts consider that hybrid and multi-lender financing models could become an increasingly used tool to accelerate large-capacity solar and wind projects in Asia.
Source: CleanMax
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