Green Bond Funding
Clean Max Raises ₹2,500 Crore Through Green Bonds to Expand Renewable Energy Capacity
Anonymous
Clean Max Enviro Energy raised funds through a private placement of secured, rated green non-convertible debentures intended to finance large-scale renewable energy projects. Most reports put the issue at ₹2,500 crore, divided across five series with maturities of two to 10 years and fixed coupon rates of about 8.25% to 8.765%; one report based on a regulatory filing instead gives an allotment figure of ₹2,100 crore. The bonds drew participation from domestic and international investors, including IFC, NABFID and India Infrastructure Finance Company, and the company’s green bond framework was independently reviewed for alignment with applicable standards. The financing follows a CRISIL AA/Stable rating and supports Clean Max’s renewable-energy expansion, including solar, wind and battery storage projects.
Key Points
1
The debentures have a face value of ₹1 lakh each, with interest payable quarterly. Series D and E include annual principal amortization beginning in the fifth and sixth years, respectively; the other series redeem at maturity.
2
The security package includes charges over project assets and inter-corporate loans, pledges over shares in special-purpose vehicles, non-disposal undertakings for certain properties and charges over project escrow accounts.
3
Clean Max reported operational capacity of 4.2 GW as of June 30, 2026, up from 3.0 GW in March, following a record 500 MW of commissioning in Q1 FY27.
4
For Q1 FY27, the company reported ₹832 crore in operating revenue, a 107% year-on-year increase, and net profit of ₹55 crore, compared with a ₹17 crore loss in Q1 FY26.
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