Clean Max Enviro Energy Solutions announced on September 29 that it has raised ₹2,500 crore through a private placement of green debt securities, or non‑convertible debentures (NCDs). The issuance was structured across five series with maturities ranging from two to ten years and coupons between 8.25% and 8.76% under a fixed‑rate structure. The company’s first CRISIL rating, AA/Stable on both its corporate credit and its NCD program, was assigned in September 2026. The secured structure supports both the rating and the pricing, locking in long‑term capital at a competitive cost amid volatility in the broader rates market.

The NCD issue attracted wide participation from a marquee group of international and domestic institutional investors. The International Finance Corporation (IFC), The National Bank for Financing Infrastructure and Development (NABFID) and India Infrastructure Finance Company Limited (IIFCL) anchored the issue, alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates. Trust Investment Advisors Private Limited (TIAPL) acted as the sole arranger for this unique structured NCD issuance in the commercial and industrial (C&I) renewable energy segment. Issued under CleanMax’s Green Bond Framework, the bonds were backed by a defined green‑use‑of‑proceeds framework, allocated for large‑scale renewable energy projects, and structured with a secured lock‑box mechanism in India’s C&I renewable sector.

Cyril Amarchand Mangaldas served as the legal counsel for the issuance, while Catalyst Trusteeship Ltd acted as the debenture trustee for the NCD transaction. TIAPL partnered with Clean Max to achieve its objective of securing long‑term financing at fixed rates while broadening participation from debt capital market investors. The legal and trustee arrangements ensured compliance with regulatory requirements and provided institutional investors with robust governance and risk mitigation for the green bond program.

On Monday, September 28, Clean Max Enviro Energy Solutions shares closed 1.46% lower at ₹1,373.10 per unit on the National Stock Exchange (NSE). The development was announced after the market closed. The scrip has advanced 2% in the past week and 9% over the month. On a year‑to‑date basis, it has rallied 57%. The stock hit a 52‑week high of ₹1,536 per equity share on June 24, 2026, and touched a year’s low of ₹727.10 on March 30, 2026.

Clean Max Enviro Energy Solutions has a total market capitalisation of ₹16,140.70 crore as of September 28, 2026, according to data on the NSE. The company has established a Green Bond Committee with a robust approach towards evaluating and mitigating environmental and social impacts throughout the lifecycle of the projects, ensuring alignment with SEBI regulations and ICMA Green Bond Principles 2025.

Founder and Managing Director Kuldeep Jain said the issuance channels institutional capital towards renewable energy while creating another avenue for investors to participate in CleanMax’s growth. He added that the caliber of investors reflects confidence in the company’s fundamentals and the predictability of its contracted cash flows. CFO Nikunj Ghodawat highlighted that pricing the issue in the current macro environment with volatile interest rates made the CRISIL AA/Stable rating especially valuable, helping secure a tight spread and lock in fixed‑rate funding on the longest tenor of ten years.