CleanMax Raises ₹2,500 Crore Through Green Bonds

has raised ₹2,500 crore through India's first green bond issuance for the Commercial & Industrial (C&I) renewable energy sector. The fundraising was completed through secured, listed and redeemable Non-Convertible Debentures (NCDs) on a private placement basis, marking one of the company's largest domestic capital-market issuances to date. The NCD issuance is structured across five series, with maturities ranging from 2 to 10 years and fixed coupon rates between 8.25% and 8.76%. The bonds have received a CRISIL AA/Stable rating, reflecting the company's credit profile and financial fundamentals. The Green Bond Framework was independently reviewed by CareEdge Advisory for alignment with SEBI regulations and ICMA Green Bond Principles 2025. The funds will be utilised to finance or refinance large-scale renewable energy projects, including solar, wind, hybrid generation and battery storage. The issuance attracted participation from prominent institutional investors, including International Finance Corporation (IFC), NABFID, IIFCL, Aditya Birla Capital, IDFC First Bank and Nippon India Mutual Fund. The transaction provides CleanMax with long-term fixed-rate institutional capital while diversifying its funding sources beyond equity and project-level debt. The company has also established a Green Bond Committee to evaluate and monitor environmental and social impacts throughout the project lifecycle. As of June 30, 2026, CleanMax had a contracted renewable energy portfolio of 6.0 GW, with approximately 600 customers across technology, digital infrastructure, manufacturing and industrial sectors. Data centres and AI infrastructure customers contributed 42% of its contracted renewable energy power sales portfolio. Disclosure: I do not hold any position or financial interest in the mentioned stock.