Clean Max Enviro Energy Solutions Limited has raised ₹2,500 crore through India's first green bond specifically for the commercial and industrial (C&I) renewable sector. The issuance was anchored by international development finance institutions including IFC, NABFID and IIFCL.

The capital raise was executed via a private placement of Senior, Secured, Rated, Listed Redeemable and Non-Convertible Debentures (NCDs). The allotment was approved by the Stakeholders’ Relationship Committee on September 28, 2026, with instruments proposed for listing on the Wholesale Debt Market segment of the BSE Limited. Each debenture carries a face value of ₹1 lakh.

Investor participation and credit rating

The issue attracted a marquee institutional book spanning development finance institutions such as IFC, NABFID and IIFCL, alongside banks, NBFCs and mutual funds. Key participants included Aditya Birla Capital, IDFC First Bank and Nippon India Mutual Fund. This issuance follows CleanMax’s first CRISIL rating of AA/Stable on both its corporate credit and its NCD program, assigned in September 2026.

Trust Investment Advisors Private Limited acted as the sole arranger for this structured NCD issuance. Cyril Amarchand Mangaldas served as legal counsel, while Catalyst Trusteeship Limited acted as the debenture trustee.

Series-wise allocation details

The total consideration received across five distinct series totals ₹2,500 crore, excluding securities premium. Series C and Series E include additional securities premium components.

Coupon rates and maturity profiles

Coupon rates range from 8.25% for the shortest duration to 8.76% for the longest duration. Interest is payable quarterly, while principal redemption follows the schedule specified in the offer document. Series D and Series E feature annual amortization starting from the 5th and 6th year respectively, while other series redeem at maturity.

Security structure and compliance

The NCDs are secured by charges over certain project assets of the issuer and specific subsidiaries or Special Purpose Vehicles (SPVs). The security package includes non-disposal undertakings for immovable properties, charges over inter-corporate loans, pledges over shares infused in SPVs, and charges over escrow accounts established for identified projects. The structure features a secured lock-box mechanism, described as the first of its kind in India's C&I renewable sector.

Issued under CleanMax's Green Bond Framework, the bonds are backed by a defined green-use-of-proceeds framework allocated for solar, wind, hybrid generation and battery storage projects. The Framework has been independently reviewed by CareEdge Advisory for alignment with applicable SEBI regulations and the ICMA Green Bond Principles, 2025. The disclosure was made pursuant to Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

What the Numbers Show

The pricing of the issue at 8.25% to 8.76% across tenors up to 10 years highlights the impact of the recent CRISIL AA/Stable rating. Nikunj Ghodawat, CFO, noted that the rating helped secure a tight spread in a volatile interest rate environment. This allows CleanMax to move beyond project-level financing to a broader base of institutional investors, adding a new layer of fixed-rate, long-term capital alongside its equity and existing debt.

Clean Max Enviro Energy Solutions appointed Vipin Balan as Head - Projects on September 21, 2026. The company’s board also approved the sale of equity stakes in three wholly owned subsidiaries to unrelated third parties.

Balan brings over 31 years of experience in wind and solar energy projects across India. He holds a PGDM in Marketing and is a Mechanical Engineer. His previous roles include senior positions at Enel Green Power, GE Renewables, British Petroleum, and Enercon. He will serve in the role on a full-time basis starting immediately.

Subsidiary Stake Sales

The board approved the disposal of 26% stakes in Clean Max Kyuu Private Limited, Clean Max Roku Private Limited, and Clean Max Ilgohp Private Limited. Each transaction involves the sale of 2,600 shares for a consideration of ₹26,000.

Share purchase agreements for all three transactions are expected to be executed by December 31, 2026. None of the buyers belong to the promoter group or are related parties. The transactions do not constitute related party transactions under SEBI regulations.

Financial Impact

Clean Max Kyuu and Clean Max Roku were incorporated in June 2026 and April 2026 respectively. Neither entity contributed to turnover or net worth during the last financial year. Clean Max Ilgohp reported nil turnover for FY25-26. Its net worth stood at ₹-69,252 as on March 31, 2026, representing 0% of the consolidated net worth of the parent company.

The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.