Raises ₹2,500 Crore via Green NCDs on Private Placement; Rated CRISIL AA/Stable
CleanMax has raised ₹2,500 crore through secured, listed green NCDs on a private placement basis.
By ScoutQuest · · 2 min read
- Amount Raised
- ₹2,500 crore
- Coupon Range
- 8.25% to 8.76%
- Maturities
- 2 years to 10 years
- Number of Series
- Five series
- Credit Rating
- CRISIL AA/Stable
What was raised
CleanMax raised ₹2,500 crore through green debt securities (NCDs) issued on a private placement basis — rated, secured, listed, redeemable Non-Convertible Debentures.
- Structured across five series
- Maturities from 2 years to 10 years
- Fixed coupons in the range of [8.25% to 8.76%]
- Secured, lock-box mechanism, described as the first of its kind in India's C&I renewable sector
Who invested
IFC, NABFID and IIFCL anchored the issue, alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates.
Trust Investment Advisors Private Limited was sole arranger, Cyril Amarchand Mangaldas legal counsel, and Catalyst Trusteeship Limited the debenture trustee.
Rating
The issue follows CleanMax's first CRISIL rating — CRISIL AA/Stable on both corporate credit and the NCD programme, assigned in September 2026. Management said the rating helped secure a tight spread and lock in fixed-rate funding on its longest tenor of 10 years.
Use of proceeds
Issued under CleanMax's Green Bond Framework with a defined green use-of-proceeds framework, for large-scale renewable energy projects — to finance and/or refinance solar, wind, hybrid generation and battery storage. The Framework was independently reviewed by CareEdge Advisory for alignment with applicable SEBI regulations and the ICMA Green Bond Principles, 2025. A Green Bond Committee has been established to evaluate environmental and social impacts.
Business context stated
- Contracted renewable energy portfolio of 6.0 GW as of June 30, 2026
- 79% of new contracted capacity from existing customers
- Around 600 customers served
- Data Centres and AI infrastructure customers contribute 42% of the contracted RE Power Sales portfolio
- More than 15 years of operations
How investors may read it
This adds fixed-rate, long-term institutional debt alongside equity and project-level debt, broadening the company's access to Indian debt capital markets. It also increases debt on the books, with interest costs fixed in the stated coupon range.
Also from Clean Max Enviro Energy Solutions
Risk Management Committee approves corporate guarantees for two subsidiaries' term loans
21 Oct 2026
Board approves sale of 2,600 shares, being 26% stake in a subsidiary, for INR 26,000
16 Oct 2026
Clean Max units to buy 100% of Thailand's Massmuch Company at Thai Baht 1,250,000 enterprise value
9 Oct 2026
More numbers
- Green NCD issue size₹2,500 crore
- Number of seriesfive series
- Shortest maturity2 years
- Longest maturity10 years
- Coupon range lower end8.25%
- Coupon range upper end8.76%
- Contracted renewable portfolio as of June 30, 20266.0 GW
- New contracted capacity from existing customers79%
- Customers served~600 customers
- Data Centres & AI share of contracted RE Power Sales portfolio42%
- Years of operationsmore than 15 years
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.