CleanMax secures long-term PPAs with corporate clients

Deal Analysis

CleanMax's announcement of securing long-term Power Purchase Agreements (PPAs) with over 555 corporate clients, including global giants Apple and Google, signifies a major achievement for the renewable energy provider in the Indian market. The weighted average tenure of 22.85 years for these PPAs demonstrates a strong commitment from both CleanMax and its clients towards long-term sustainability and predictable energy costs. This deal underscores the increasing demand from corporations to procure renewable energy directly, supporting their environmental, social, and governance (ESG) goals. The involvement of Apple and Google as offtakers highlights the attractiveness of CleanMax's offerings and the growing trend of multinational corporations investing in renewable energy solutions in India. This deal positions CleanMax as a key player in the Indian renewable energy landscape, particularly in providing solar, wind, and hybrid solutions to commercial and industrial customers. The long-term nature of the PPAs provides CleanMax with a stable revenue stream and enhances its ability to secure financing for future projects. This deal could also encourage other corporations to pursue similar renewable energy procurement strategies in India.

Long-term PPAs (22.85 years weighted average) provide stable revenue for CleanMax.
Involvement of Apple and Google validates CleanMax's market position.
Deal involves over 555 corporate clients, indicating broad market appeal.
Focus on solar, wind, and hybrid solutions caters to diverse energy needs.

Market Context: The Indian renewable energy sector is experiencing significant growth, driven by government policies, declining technology costs, and increasing corporate demand for clean energy. PPAs are a common mechanism for corporations to procure renewable energy directly from developers, providing price certainty and supporting the development of new renewable energy projects.

Source Intelligence

KEY DETAILS

CleanMax has over 555 corporate customers. "With over 555 corporate customers—including global majors such as Apple and Google"

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Deal Size

Total Issue Size: Up to INR 31,000 million

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Capacity

operates 2,796 MW of capacity

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Location

The company operates largely in Gujarat and Karnataka (70%+ capacity), benefiting from favourable open-access regulations.

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PPA Details

long-term PPAs (weighted average tenure of 22.85 years), premium tariffs (~INR 3.66/kWh)

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Financials

Reduce net debt (INR 101.2 billion as of Sept 2025)

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Announcement

24 Feb 2026

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Expected Close

IPO Close: February 25, 2026

PARTIES MENTIONED IN SOURCE

A

Apple buyer

"including global majors such as Apple"

G

Google buyer

"including global majors such as Apple and Google"

A

Axis Capital Limited advisor

"Book Running Lead Managers: Axis Capital Limited"

J

J.P. Morgan India Private Limited advisor

"Book Running Lead Managers: Axis Capital Limited J.P. Morgan India Private Limited"

B

BNP Paribas advisor

"Book Running Lead Managers: Axis Capital Limited J.P. Morgan India Private Limited BNP Paribas"

H

HSBC Securities and Capital Markets (India) Pvt Ltd advisor

"Book Running Lead Managers: Axis Capital Limited J.P. Morgan India Private Limited BNP Paribas HSBC Securities and Capital Markets (India) Pvt Ltd"

I

IIFL Capital Services Limited advisor

"Book Running Lead Managers: Axis Capital Limited J.P. Morgan India Private Limited BNP Paribas HSBC Securities and Capital Markets (India) Pvt Ltd IIFL Capital Services Limited"

N

Nomura Financial Advisory and Securities (India) Pvt Ltd advisor

"Book Running Lead Managers: Axis Capital Limited J.P. Morgan India Private Limited BNP Paribas HSBC Securities and Capital Markets (India) Pvt Ltd IIFL Capital Services Limited Nomura Financial Advisory and Securities (India) Pvt Ltd"

B

BOB Capital Markets Limited advisor

"Book Running Lead Managers: Axis Capital Limited J.P. Morgan India Private Limited BNP Paribas HSBC Securities and Capital Markets (India) Pvt Ltd IIFL Capital Services Limited Nomura Financial Advisory and Securities (India) Pvt Ltd BOB Capital Markets Limited"

S

SBI Capital Markets Limited advisor

"Book Running Lead Managers: Axis Capital Limited J.P. Morgan India Private Limited BNP Paribas HSBC Securities and Capital Markets (India) Pvt Ltd IIFL Capital Services Limited Nomura Financial Advisory and Securities (India) Pvt Ltd BOB Capital Markets Limited SBI Capital Markets Limited"

high quality Enriched Feb 25, 2026