Clean Max Enviro Energy Solutions Limited has partnered with Gujarat Alkalies and Chemicals Limited (GACL) to accelerate industrial decarbonisation through a hybrid renewable power project. The collaboration involves a 75.90 MW wind and 84.34 MWp solar power project in Gujarat. This partnership marks the single largest group captive deal for Clean Max Enviro Energy Solutions Limited, reinforcing its role as a Net-Zero transition partner for large-scale industrial operations.

The hybrid power project will supply energy to GACL’s manufacturing units. As a prominent player in the domestic chlor-alkali industry, GACL operates energy-intensive processes where renewable integration is critical for reducing emissions. The company stated that adopting renewable energy is a key part of its strategy to align environmental responsibility with operational efficiency and cost competitiveness.

Clean Max Enviro Energy Solutions Limited has established a significant operational presence in Gujarat to support such decarbonisation efforts. As of March 31, 2026, the company holds approximately 844 MW of operational renewable energy capacity in the state. Favorable open-access policies and strong solar and wind resources have enabled industries in the region to integrate renewable power effectively.

Smt. Avantika Singh, IAS, representing GACL, emphasized that sustainability is a central pillar of the company's long-term growth strategy. She noted that the partnership enables the integration of hybrid renewable energy into their power mix, strengthening energy reliability while reducing the environmental impact of their manufacturing processes.

Mr. Kuldeep Jain, Founder and Managing Director of Clean Max Enviro Energy Solutions Limited, highlighted that the partnership demonstrates how large manufacturing companies can transition to renewable energy at scale. He added that Gujarat remains a key market for the company due to its strong industrial base and favorable renewable energy resources.

Clean Max Enviro Energy Solutions Limited has successfully secured approximately $575 million through a diversified lender base comprising leading domestic and international banks. The financing, structured via External Commercial Borrowings (ECB), FCNR(B), and INR facilities, will support the build-out of a ~1 GW large-scale, Central Transmission Utility (CTU) connected renewable energy portfolio across Rajasthan and Karnataka. This capital raise underscores strong cross-border lender confidence and supports CleanMax's focus on high-quality renewable assets for the corporate and industrial segment, specifically targeting large tech companies.

The funding brings together global and domestic sources of capital, strengthening CleanMax's balance sheet and supporting its role in India's clean energy transition. The multi-lender structure is designed to align financing tenors with asset development and ensure long-term portfolio stability. The transaction highlights growing confidence among Indian and international lenders across various loan types in India’s renewable energy market and CleanMax’s ability to execute complex, cross-border financings at scale.

Key Financing Details

The capital structure strategically aligns borrowing currency with contracted revenues, comprising USD-denominated loans backed by USD-denominated Power Purchase Agreements (PPAs) and INR-denominated loans backed by INR-denominated PPAs. CleanMax's non-INR-denominated portfolio is currently financed at an interest rate lower than 6%. The specific allocations are as follows:

Strategic Outlook

Mr. Kuldeep Jain, Founder & Managing Director, Clean Max Enviro Energy Solutions Limited, stated that the development marks a step forward in building large-scale, high-quality renewable assets by bringing together global capital and corporate decarbonization at scale. He noted that multi-lender collaborations allow projects to be executed at scale while providing reliable solutions for the commercial and industrial sector.

Mr. Nikunj Ghodawat, Chief Financial Officer, Clean Max Enviro Energy Solutions Limited, added that securing national and international financing of this scale requires careful structuring to balance risk, capital efficiency, and long-term project viability. He emphasized that working with multiple lenders across domestic and international markets allows the company to align financing across multiple SPVs, ensuring predictable cash flows and financial resilience as it expands its portfolio for large tech clients.

These projects reflect a broader shift in renewable energy procurement patterns for new digital-age industries, particularly across high-growth, power-intensive technology-centred sectors such as AI, cloud computing, and data centres. CleanMax was recently upgraded to 'CARE AA-/Stable' by CARE Ratings for its long-term bank facilities and non-convertible debentures, highlighting the company's robust performance, expanding portfolio, and financial strength.