CleanMax has raised Rs 25 billion through green debt securities in the form of rated, secured, listed and redeemable non-convertible debentures (NCDs). The issuance was made through a private placement and comprised five series with maturities ranging from two to ten years. The NCDs carried fixed coupons ranging from 8.25 percent to 8.76 percent.
The proceeds will be used to finance and/or refinance solar, wind, hybrid and battery storage projects under CleanMax’s Green Bond Framework, structured through a secured lock-box mechanism. The issue was anchored by the International Finance Corporation, the National Bank for Financing Infrastructure and Development and the India Infrastructure Finance Company Limited, alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates. Trust Investment Advisors Private Limited served as the sole arranger for the issuance.
Earlier, in September 2026, CleanMax and Nuvoco Vistas Corporation Limited partnered to develop a 46.4 MW wind-solar hybrid project in Bhikamkhore, Rajasthan. The project will comprise 20 MW of wind capacity, 26.4 MWp of solar capacity, and a 2 MWh battery energy storage system. The project, developed under a group captive structure, will supply renewable power to Nuvoco through the state transmission utility open access network.
