Clean Max Enviro Energy Solutions has successfully raised Rs 2,500 crore through the private placement of senior, secured, green non-convertible debentures. The funds are structured across five series with tenors ranging from 24 to 120 months. This issuance, set to be listed on the BSE Wholesale Debt Market, bolsters the company’s capital structure for renewable energy project development and long-term funding requirements.
Clean Max Enviro Energy Secures Rs 2,500 Crore in Green Debt
Clean Max Enviro Energy Solutions Limited has completed the allotment of Rs 2,500 crore in senior, secured, rated green non-convertible debentures (NCDs). The issuance was approved by the company's Stakeholders’ Relationship Committee on 28 September 2026.
Reader Takeaway: This green debt provides essential long-term funding for renewable projects but adds significant interest-servicing obligations.
What just happened
The company has finalized a massive debt issuance divided into five distinct series (A through E). The capital will be deployed to support its ongoing clean energy projects. The debentures are slated for listing on the Wholesale Debt Market (WDM) segment of the BSE.
Transaction Structure
The issuance features varied tenors and coupon rates to align with project cash flows. Series A (Rs 200 crore) carries a 24-month tenor at an 8.25% coupon, while the long-dated Series D and E (Rs 615 crore and Rs 478 crore respectively) hold 120-month tenors at 8.765% coupons. Series C is the largest tranche at Rs 807 crore. Interest will be serviced on a quarterly basis.
Security and Collateral
The debt is backed by comprehensive security arrangements. These include first-ranking charges over project assets, shares of Special Purpose Vehicles (SPVs), and various inter-corporate loans. The deal also mandates the maintenance of escrow accounts and Interest Service Reserve Accounts (ISRA) to protect investor interests.
Risks to watch
Investors should track the company’s ability to generate steady cash flows to meet the quarterly coupon payments. Since the debt is tied to project assets, any delays in project commissioning could impact the debt-servicing coverage ratio. Additionally, the long-term amortization schedule for Series D and E requires careful monitoring of the company's leverage profile over the next decade.