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CleanMax Secures CRISIL AA/Stable Rating for INR 2,500 Crore NCDs

CleanMax has secured a ‘CRISIL AA/Stable’ corporate and NCD rating for up to INR 2,500 crore, strengthening its financing capabilities as it targets over 1.5 GW of capacity additions in FY27.

September 08, 2026. By Mrinmoy Dey

Clean Max Enviro Energy Solutions (CleanMax) has announced that the company has been assigned a corporate credit rating of ‘CRISIL AA/Stable’ and a Non-Convertible Debentures (NCDs) rating of ‘CRISIL AA/Stable’ for an amount of INR 2,500 crores by CRISIL Ratings.

The rating reflects CleanMax's sizeable and well-diversified asset portfolio, a healthy counterparty risk profile, and consistent operating performance. A rating in the AA band further signifies a high degree of safety in the timely servicing of financial obligations, placing CleanMax in investment-grade territory, stated the company, further adding that it is expected to deepen the company's access to capital markets, improve cost of financing, and strengthen confidence among corporate off-takers, financial institutions and shareholders as CleanMax plans to add over 1.5 GW of capacity in FY27.

The company is also evaluating the issuance of domestic bonds, including up to INR 2,500 crore through Non-Convertible Debentures (NCDs), to diversify its capital sources for future capital expenditure, a step expected to improve funding competitiveness, optimise borrowing costs, and secure long-term financing at fixed interest rates.

Commenting on the development, Nikunj Ghodawat, Chief Financial Officer, CleanMax, said, “This rating marks an important milestone in our growth journey, and as we continue expanding our renewable energy business, maintaining a strong financing foundation is critical. The CRISIL AA/Stable rating strengthens our ability to access diverse sources of capital and supports disciplined long-term growth. As we scale toward becoming the net-zero partner of choice for corporates in India and beyond, it further strengthens our fundraising capabilities at more competitive terms.”

CleanMax's operational renewable energy portfolio reached 4.2 GW as of June 30, 2026 (3.5 GW in RE Power Sales and 0.7 GW in RE Services). The company's total contracted portfolio stood at 6.8 GW (RE Power Sales and Services), serving about 600 customers, the company stated.

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Nikunj Ghodawat