CleanMax Raises INR 2,500 Crore Through Green NCDs

CleanMax has raised INR 2,500 crore through green debt securities (NCDs) on a private placement basis. The Non-Convertible Debentures (NCD) issuance was structured across five series with maturities ranging from 2 years to 10 years and coupons ranging from [8.25 percent to 8.76 percent] under a fixed rate structure, attracting wide participation from international and domestic investors. The issue follows CleanMax's first CRISIL rating; i.e. CRISIL AA/Stable on both its corporate credit and its NCD programme, assigned in September 2026.

Issued under CleanMax’s Green Bond Framework, the bonds are backed by a defined green-use-of-proceeds framework, allocated for 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 was raised through rated, secured, listed, redeemable NCDs on a private placement basis.

Trust Investment Advisors (TIAPL) acted as the sole arranger for this unique structured NCD issuance in the Commercial and Industrial (C&I) renewable energy segment.

The NCDs drew a marquee group of international and domestic institutional investors. The International Finance Corporation (IFC), The National Bank for Financing Infrastructure and Development (NABFID) and India Infrastructure Finance Company (IIFCL) anchored the issue, alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates.

The debentures were priced in the range of [8.25 percent to 8.76 percent] across five series ranging from 2 years to 10 years at a fixed rate. The secured structure supports both the rating and the pricing, locking in long-term capital at a competitive cost, especially set against the volatility prevailing in the broader rates market.

Kuldeep Jain, Founder and Managing Director, CleanMax, said, "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.”

Nikunj Ghodawat, Chief Financial Officer, CleanMax, stated, "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.”

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.

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 acted as the debenture trustee for the NCD transaction.

Additionally, CleanMax has established a Green Bond Committee with an approach towards evaluating and mitigating environmental and social impacts throughout the lifecycle of the projects.