Clean Max Enviro Energy Solutions Limited

Clean Max Enviro Energy Solutions Limited is a Mumbai based renewable energy developer that supplies clean power to commercial and industrial customers. According to the CRISIL Report cited in its offer documents, it was the largest commercial and industrial renewable energy provider in India as of March 31, 2025. Its core activities span the sale of renewable power, a range of energy services, and carbon credit solutions, serving both technology sector clients such as data centre and AI operators and a broad base of conventional industrial buyers. The company builds, owns, operates, and manages solar, wind, and hybrid generation assets, and offers end to end capabilities that include energy contracting, engineering, procurement and construction, and long term operation and maintenance. Its projects are delivered through several models, covering onsite installations at customer premises and offsite plants that supply power through state and central transmission networks, alongside capital expenditure services and carbon management offerings. As of July 31, 2025 it reported about 2.54 GW of operational, owned, and managed capacity, with a further 2.53 GW of contracted capacity under execution, and it also maintains a presence in overseas markets including the Middle East and Thailand. CleanMax typically contracts power under long term purchase agreements, which support revenue visibility across its portfolio, and it positions itself as a decarbonisation partner for large energy buyers. The business is capital intensive and carries substantial project level borrowings that fund its expanding generation base. The company was incorporated in 2010 and converted to a public limited company ahead of its initial public offering, which combined a fresh issue of shares with an offer for sale by existing shareholders.

The company raised about 921 crore rupees from anchor investors, allotting 87,46,437 shares at the anchor price of 1,053 rupees per share ahead of the issue. The anchor book drew a mix of global and domestic institutions, including Zulia Investments, the Abu Dhabi Investment Authority, Eastspring Investments, Nomura India Investment Fund, Societe Generale, Citigroup Global Markets and Susquehanna, alongside domestic mutual funds such as HDFC, PGIM India, Franklin India and Trust Mutual Fund and insurers including SBI Life, IndiaFirst Life, Canara HSBC Life and Bharti AXA Life.