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Renewable energy firm CleanMax has raised nearly $575 million to expand its solar and wind energy projects across India.
The deets: the funding will support around 1 GW of renewable energy capacity in Rajasthan and Karnataka. Global lenders including HSBC, BNP Paribas, DBS Bank, Societe Generale, and Sumitomo Mitsui Banking Corporation participated in the deal.
Why it matters: CleanMax mainly builds renewable energy projects for corporates and large industrial clients looking to shift towards cleaner power sources and meet net-zero targets.
The company has structured the funding in a way by matching Dollar loans with Dollar-linked contracts and Rupee loans with domestic contracts. That helps reduce currency risk while keeping borrowing costs lower.
Zoom out: India’s renewable energy sector is seeing massive investor interest as the country races towards its 500 GW clean energy target by 2030. Rajasthan and Karnataka have emerged as major hubs for large-scale solar and wind projects thanks to strong natural resources and improving transmission infrastructure.
With global lenders increasingly backing Indian renewable projects, financing for clean energy is becoming bigger, cheaper, and easier to access.
