By: ICN Bureau
Last updated : September 29, 2026 5:22 pm
The NCDs were issued in five series with maturities ranging from two to 10 years
CleanMax, India’s largest renewable energy solutions provider for the commercial and industrial (C&I) sector, has raised ₹2,500 crore through green debt securities, marking what the company describes as India’s first green bond issuance in the C&I renewable energy sector.
The private placement of rated, secured, listed and redeemable non-convertible debentures (NCDs) drew a marquee institutional investor base spanning development finance institutions, banks, NBFCs, mutual funds and corporates.
The issuance was anchored by the International Finance Corporation (IFC), the National Bank for Financing Infrastructure and Development (NABFID) and India Infrastructure Finance Company Limited (IIFCL), alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates.
The NCDs were issued in five series with maturities ranging from two to 10 years and fixed coupons ranging from 8.25% to 8.76%. The transaction represents one of CleanMax’s largest domestic capital-markets issuances to date and adds long-term, fixed-rate institutional capital to its existing equity and project-level debt funding.
The bonds were issued under CleanMax’s Green Bond Framework, with proceeds earmarked for large-scale renewable energy projects spanning solar, wind, hybrid generation and battery storage. The framework was independently reviewed by CareEdge Advisory for alignment with applicable SEBI regulations and the ICMA Green Bond Principles, 2025.
The transaction also features a secured lock-box mechanism, which CleanMax describes as the first of its kind in India’s C&I renewable energy sector.
The issuance follows CleanMax’s first CRISIL rating in September 2026, when the company and its NCD programme received a CRISIL AA/Stable rating.
"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 caliber of investors also reflects the confidence in our fundamentals and the predictability of our contracted cash flows”, said Kuldeep Jain, Founder and Managing Director, CleanMax.
The company said the secured structure helped support both the rating and pricing, enabling it to lock in long-term funding amid volatility in the broader interest-rate environment.
"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 asit helped us secure a tight spread and lock in fixed-rate funding on our longest tenor of 10 years”, said Nikunj Ghodawat, Chief Financial Officer, CleanMax.
As listed debt securities, the NCDs give institutional investors, including mutual funds and financial institutions, an additional route to participate in CleanMax’s debt capital structure alongside its equity.