CleanMax Raises $575 Million to Build 1 GW of Renewable Energy in India

CleanMax Enviro Energy Solutions Ltd. secured $575 million in financing on May 27, 2026, to develop nearly 1 gigawatt of renewable energy projects in India’s Rajasthan and Karnataka states, capitalizing on strong lender demand for corporate clean power assets. The Mumbai-based company said the financing includes external commercial borrowings, foreign currency non-resident bank facilities, and rupee-denominated loans from a consortium of global and Indian banks. The structure aligns currency exposure with revenue: dollar debt paired with dollar-linked power purchase agreements, while rupee loans cover domestic contracts. CleanMax stated its foreign currency-linked portfolio carries interest rates below 6%. The new capacity will supply electricity to large commercial and industrial clients, with data center and AI infrastructure customers now representing 42% of contracted renewable sales. CleanMax serves 588 clients including Amazon, Apple, Cisco, and Equinix. Its contracted portfolio reached 5.7 GW in fiscal 2025-26. CARE Ratings recently upgraded the company to CARE AA-/Stable, citing portfolio growth.