CleanMax, a renewable energy solutions provider for the commercial and industrial (C&I) sector, has raised Rs. 2,500 Cr through green debt securities (NCDs) on a private placement basis.
In a press release, CleanMax said that the NCD issue drew participation from international and domestic institutional investors, including the International Finance Corporation (IFC), the National Bank for Financing Infrastructure and Development (NaBFID), and India Infrastructure Finance Company Limited (IIFCL), along with Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund, and select corporates.
The NCD issuance was structured across five series, with maturities ranging from two years to 10 years and coupons ranging from 8.25% to 8.76% under a fixed-rate structure. The debentures were priced in the range of 8.25% to 8.76% across the five series, with tenors ranging from two years to 10 years at fixed rates.
The bonds were issued under CleanMax’s Green Bond Framework and backed by a defined green-use-of-proceeds framework. The proceeds were allocated to large-scale renewable energy projects. Trust Investment Advisors Private Limited (TIAPL) acted as the sole arranger for the structured NCD issuance in the C&I renewable energy segment.
“Green bonds bring together two things that are increasingly linked – capital and climate action. This issuance channels institutional capital towards renewable energy while creating another avenue for investors to participate in CleanMax’s growth. The caliber of investors also reflects the confidence in our fundamentals and the predictability of our contracted cash flows,” said Kuldeep Jain, Founder and Managing Director, CleanMax.
Passing Regulatory Criterion
As listed debt securities, the NCDs provide institutional investors, including mutual funds and financial institutions, an additional avenue to participate in CleanMax’s debt capital structure alongside its equity. Moreover, the secured structure supports both the rating and the pricing, enabling CleanMax to lock in long-term capital at a competitive cost, particularly amid volatility in the broader rates market.
CareEdge Advisory reviewed the Green Bond Framework for alignment with SEBI regulations and the ICMA Green Bond Principles, 2025. The issue comprised rated, secured, listed, redeemable Non-Convertible Debentures (NCDs) issued on a private placement basis.
TIAPL partnered with CleanMax to achieve its objective of securing long-term financing at fixed rates while broadening participation from debt capital market investors. Cyril Amarchand Mangaldas served as the legal counsel for the issuance, while Catalyst Trusteeship Limited acted as the debenture trustee for the NCD transaction.
Additionally, CleanMax has established a Green Bond Committee with a robust approach towards evaluating and mitigating environmental and social impacts throughout the lifecycle of the projects.
“This issuance is a meaningful step in deepening CleanMax’s access to the domestic bond market, allowing us to move beyond project-level financing and draw on a broader base of institutional investors. Pricing this issue in the current macro environment with volatile interest rates made the CRISIL AA/Stable rating especially valuable as it helped us secure a tight spread and lock in fixed-rate funding on our longest tenor of 10 years,” said Nikunj Ghodawat, Chief Financial Officer, CleanMax.