CleanMax Secures $575 Million for Renewable Expansion

Clean Max Enviro Energy Solutions has acquired USD 575 million to enhance its solar and wind capabilities across India, with major projects in Rajasthan and Karnataka. The financing involved multiple domestic and international banks.

Clean Max Enviro Energy Solutions on Tuesday said it has secured USD 575 million financing to expand its solar and wind portfolio in India.

The borrowing was structured through multiple lenders of domestic and international banks, the company said in a statement.

The financing will support large-scale, Central Transmission Utility (CTU) connected renewable projects across Rajasthan and Karnataka aggregating to a renewable energy portfolio of 1 GW.

Sharing further details, the company said it secured USD 141.94 million from one of India's leading public sector banks under an FCNR(B) facility.

Another USD 124.63 million was received through the ECB (external commercial borrowings) facility from Societe Generale, BNP Paribas and SMBC.

An additional 174 million was raised through ECB from Credit Agricole, HSBC and DBS Bank.

Besides, the company, along with its subsidiary, raised a total of Rs 1,280 crore through term loans from BNP Paribas and HSBC.

Clean Max Enviro Energy Solutions Ltd (CleanMax) is a renewable energy company serving the commercial and industrial sectors across India, West Asia and South-East Asia.