The company said the financing will support around 1 GW of large-scale, Central Transmission Utility-connected renewable energy projects comprising solar and wind assets. The projects are aimed at serving large technology companies in the commercial and industrial segment.
According to the company, the funding has been raised through a diversified lender base comprising domestic and international banks via External Commercial Borrowings (ECB), Foreign Currency Non-Resident (Bank) or FCNR(B) facilities, and INR loans.
As part of the financing, Clean Max Celestial Pvt Ltd secured $141.94 million from a leading Indian public sector bank under an FCNR(B) facility, while Clean Max Tasman Pvt Ltd raised $124.63 million through ECB facilities from Societe Generale, BNP Paribas and SMBC. VEH Green Energy Pvt Ltd secured $174 million through ECB financing from Credit Agricole, HSBC and DBS Bank.
In addition, Clean Max Enviro Energy Solutions Ltd secured ₹650 crore through an INR term loan from HSBC, while Clean Max Atlas Pvt Ltd raised ₹630 crore through INR term loans from BNP Paribas and HSBC.
The company said the capital structure aligns borrowing currency with contracted revenues, with USD-denominated loans backed by USD-denominated power purchase agreements and INR loans backed by INR-denominated agreements. CleanMax said its non-INR denominated portfolio is currently financed at an interest rate of below 6%.
Shares of Clean Max Enviro Energy Solutions Limited closed 2.24% higher at ₹1,120 on the NSE on Tuesday.
