Clean Max Enviro raises ₹2,500 crore through green NCDs from institutional investors

The NCD issuance was structured across five series with maturities ranging from two years to 10 years, with fixed-rate coupons ranging from 8.25% to 8.76%. The issue attracted participation from international and domestic institutional investors.

The NCDs were issued under CleanMax’s Green Bond Framework, with the proceeds allocated to large-scale renewable energy projects. CareEdge Advisory independently reviewed the framework for alignment with applicable Securities and Exchange Board of India (SEBI) regulations and the International Capital Market Association (ICMA) Green Bond Principles, 2025.

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The issuance is rated CRISIL AA/Stable on both CleanMax’s corporate credit and its NCD programme. The rating was assigned in September 2026. The NCDs are rated, secured, listed and redeemable and are structured with a secured lock-box mechanism for financing and/or refinancing solar, wind, hybrid generation and battery storage projects.

Institutional investors

The International Finance Corporation (IFC), National Bank for Financing Infrastructure and Development (NABFID) and India Infrastructure Finance Company Limited (IIFCL) anchored the issue. Other investors included Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates.

The company said the issuance is one of its largest domestic capital-markets issuances to date and adds fixed-rate, long-term institutional capital alongside equity and project-level debt.

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

The company has also established a Green Bond Committee to evaluate and mitigate environmental and social impacts throughout the lifecycle of the projects.Kuldeep Jain, Founder and Managing Director, CleanMax, said, “Green bonds bring together two things that are increasingly linked – capital and climate action. This issuance channels institutional capital towards renewable energy while creating another avenue for investors to participate in CleanMax’s growth. The calibre of investors also reflects the confidence in our fundamentals and the predictability of our contracted cash flows.”

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Nikunj Ghodawat, Chief Financial Officer, CleanMax, said, “This issuance is a meaningful step in deepening CleanMax’s access to the domestic bond market, allowing us to move beyond project-level financing and draw on a broader base of institutional investors.

Pricing this issue in the current macro environment with volatile interest rates made the CRISIL AA/Stable rating especially valuable, as it helped us secure a tight spread and lock in fixed-rate funding on our longest tenor of 10 years.”

Shares of Clean Max Enviro Energy Solutions Ltd ended at ₹1,378.35, down by ₹14.20, or 1.02%, on the BSE.