CleanMax has raised ₹2,500 crore through green debt securities in a private placement, marking its first green bond issuance in India’s commercial and industrial renewable energy sector. The non-convertible debentures were issued across five series with maturities ranging from two to 10 years and fixed coupon rates of 8.25% to 8.76%. The proceeds will finance and refinance renewable energy projects, including solar, wind, hybrid generation and battery storage.
Key Overview
- CleanMax raised ₹2,500 crore through green debt securities.
- The issuance was structured across five series with maturities of 2 years to 10 years.
- Coupon rates range from 8.25 per cent to 8.76 per cent.
- The funding will finance and refinance solar, wind, hybrid generation and battery storage projects.
- The bonds were issued under CleanMax’s Green Bond Framework.
- The framework was independently reviewed by CareEdge Advisory.
- International and domestic institutional investors participated in the issuance.
CleanMax Raises ₹2,500 Crore Through Green Debt Securities
CleanMax has raised ₹2,500 crore through the issuance of green debt securities on a private placement basis.
The transaction involves green non-convertible debentures issued across five series. According to the company’s statement reported by Business Standard, the NCD issuance was structured with maturities between 2 years and 10 years.
The issue carries fixed coupon rates ranging from 8.25 per cent to 8.76 per cent.
The fundraising adds fixed-rate institutional debt to CleanMax’s existing funding sources.
First Green Bond Issue in India’s C&I Renewable Energy Sector
The fundraising marks the first green bond issue in India’s commercial and industrial renewable energy sector.
The issuance was made under CleanMax’s Green Bond Framework, with the proceeds allocated to 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 gives the issuance a defined green-use-of-proceeds framework, linking the capital raised to renewable energy projects.
Funding Solar, Wind and Battery Storage Projects
The green bonds will be used to finance and refinance solar, wind, hybrid generation, and battery storage projects.
This places renewable energy and energy storage at the center of the capital raised through the transaction.
The issuance was also structured with a secured lock-box mechanism, which ETEnergyWorld described as the first of its kind in this part of India’s green power market.
CleanMax has also established an internal Green Bond Committee to track and mitigate environmental and social impacts throughout the project life cycles.
Context is everything. Stay ahead of shifting trends with today’s market updates, and uncover emerging opportunities using the Serrari Group Market Index and Marketplace. Then, take control of your own financial future by exploring our Money & Life Reset Transformation Blueprint ™ to build stronger habits, create better systems, and design a path toward lasting wealth.
Institutional Investors Participate
The NCDs attracted participation from international and domestic institutional investors.
The International Finance Corporation, the National Bank for Financing Infrastructure and Development and India Infrastructure Finance Company Limited anchored the issue. Other participating institutions included Aditya Birla Capital, IDFC First Bank and Nippon India Mutual Fund, alongside select corporate investors.
The NCDs drew a marquee group of international and domestic institutional investors.
Trust Investment Advisors Private Limited acted as the sole arranger for the structured NCD issuance in the commercial and industrial renewable energy segment.
Green Bonds Link Capital With Climate Action
CleanMax Founder and Managing Director Kuldeep Jain said the transaction connects institutional capital with renewable energy investment.
Jain said, “Green bonds bring together two things that are increasingly linked capital and climate action.”
He added that the issuance channels institutional capital towards renewable energy while creating another avenue for investors to participate in CleanMax’s growth.
The participation of institutional investors also reflects the company’s view of the predictability of its contracted cash flows.
Outlook
CleanMax’s ₹2,500 crore green bond issuance provides funding for renewable energy projects across solar, wind, hybrid generation and battery storage.
The five-series structure, with maturities extending from two to 10 years and fixed coupon rates between 8.25% and 8.76%, gives the company a long-term source of institutional debt.
The transaction also marks CleanMax’s first green bond issuance in India’s commercial and industrial renewable energy sector, with the proceeds tied to its Green Bond Framework and large-scale renewable energy projects.
FAQs
1. How much did CleanMax raise through the green bond issue?
CleanMax raised ₹2,500 crore through green debt securities on a private placement basis.
2. What will the green bond proceeds fund?
The proceeds will finance and refinance solar, wind, hybrid generation and battery storage projects.
3. What are the maturities and coupon rates?
The NCDs were issued across five series with maturities ranging from 2 years to 10 years and coupon rates ranging from 8.25 per cent to 8.76 per cent.
4. Who participated in the CleanMax green bond issue?
The issue was anchored by the International Finance Corporation, the National Bank for Financing Infrastructure and Development and India Infrastructure Finance Company Limited, alongside other institutional and corporate investors.
Your financial future isn’t something you wait for—it’s something you build.
The real question is: when do you begin?
Move beyond simply staying informed.
Navigate the markets with clarity—track trends through the Serrari Group Market Index, uncover opportunities in the Serrari Marketplace, and build practical knowledge with our Curated Wealth Builder Platform.
Stay connected to what truly matters.
Get daily insights on macro trends and financial movements across Kenya, Africa, and global markets—delivered through the Serrari Newsletter.
Growth opens doors.
Advance your career through professional programs including ACCA, HESI A2, ATI TEAS 7 , HESI EXIT , NCLEX – RN and NCLEX – PN, Financial Literacy!🌟—designed to move you forward with confidence.
See where money is flowing—clearly and in real time.
Track Money Market Funds, Treasury Bills, Treasury Bonds, Green Bonds, and Fixed Deposits, alongside global and African indexes, key economic indicators, and the evolving Crypto and stablecoin landscape—all within Serrari’s Market Index.
