Clean Max Enviro Energy Solutions raises ₹2,500 crore via green bond issuance; shares rise 9% in a month

According to a regulatory filing dated September 28, the renewable energy solutions provider stated the NCD issuance was structured across five series with maturities ranging from two years to 10 years and coupons ranging from 8.25% to 8.76% under a fixed rate structure.

The issue follows CleanMax's first CRISIL rating; i.e., CRISIL AA/Stable on both its corporate credit and its NCD program, assigned in September 2026, it said.

“The secured structure supports both the rating and the pricing, locking in long-term capital at a competitive cost, especially set against the volatility prevailing in the broader rates market,” the filing read.

The company further added that 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.

It further stated that 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, it said, adding that the issue was structured with a secured, lock-box mechanism, the first of its kind in India's C&I renewable sector.

“The framework has been independently reviewed by CareEdge Advisory for alignment with applicable SEBI regulations and the ICMA Green Bond Principles, 2025. This was raised through rated, secured, listed, redeemable Non-Convertible Debentures (NCDs) on a private placement basis,” Clean Max added.

It marks one of the firm’s largest domestic capital-markets issuances to date, adding a new layer of fixed-rate, long-term institutional capital alongside equity and project-level debt, and expanding its access to Indian debt capital markets.

“As listed debt securities, the NCDs provide institutional investors, including mutual funds and financial institutions, an additional avenue to participate in CleanMax's debt capital structure alongside its equity,” the firm said.

Additionally, CleanMax has established a Green Bond Committee with a robust approach towards evaluating and mitigating environmental and social impacts throughout the lifecycle of the projects.

Commenting on the development, 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 caliber of investors also reflects the confidence in our fundamentals and the predictability of our contracted cash flows.”

The company’s Chief Financial Officer (CFO), Nikunj Ghodawat, said that the issuance is a meaningful step in deepening CleanMax's access to the domestic bond market, allowing it 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,” Ghodawa added.

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. Cyril Amarchand Mangaldas served as the legal counsel for the issuance, while Catalyst Trusteeship Ltd acted as the debenture trustee for the NCD transaction, it stated.

Clean Max Enviro Energy Solutions stock performance

Shares of Clean Max Enviro Energy Solutions closed 1.46% lower at ₹1,373.10 per unit on the National Stock Exchange (NSE) on Monday, September 28. However, 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 (YTD) basis, it has rallied 57%.

While the stock hit a 52-week high of ₹1,536 per equity share on June 24, 2026, it touched a year’s low of ₹727.10 apiece 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.