CleanMax

What CleanMax does

Clean Max Enviro Energy Solutions Limited (CleanMax) is India's largest pureplay commercial and industrial (C&I) renewable energy company, founded in 2010 by Kuldeep Jain (IIM Ahmedabad, ex-McKinsey Global Partner) and headquartered in Mumbai. The company develops, owns, and operates solar, wind, and hybrid wind-solar farms, alongside battery energy storage systems (BESS), delivering clean energy to commercial and industrial customers through long-term fixed-tariff Power Purchase Agreements (PPAs) of 15-25 years. As of FY2025-26, CleanMax has approximately 3.1 GW of operational capacity and a 5.7 GW contracted portfolio, serving 570+ corporate businesses across India, UAE, Bahrain, Saudi Arabia, and Thailand. The company is publicly listed on BSE and NSE following its 2025-26 IPO, and holds the No. 1 position in Asia for C&I rooftop solar as of March 2026.

CleanMax offers three core product lines: Offsite Solutions (utility-scale solar, wind, and hybrid farms with CTU/STU connectivity), Onsite Solar Solutions (rooftop, ground-mounted, floating solar, and solar carports), and Carbon Solutions (Virtual Power Purchase Agreements, Environmental Attribute Certificates, carbon credit trading, cookstove, biochar, and agroforestry projects). Its commercial model spans OPEX (Third-Party Open Access and Group Captive), CAPEX (full ownership), and VPPA structures, with currency-matched financing achieving sub-6% non-INR rates. Major customers include Meta, Apple (through a JV), Google, Amazon, Cisco, Equinix, STT GDC, Tata Communications, and large manufacturing groups such as Shell India, GACL, Sansera Engineering, and Sangam India. Co-investment JVs with Apple (49%), Toyota Tsusho India, Osaka Gas, and Tata Communications embed CleanMax into customer capital structures.

The company's underlying technology stack includes an AI-driven asset management platform with real-time analytics, predictive maintenance, and live monitoring capabilities, plus proprietary robotic cleaning technology with hydrophobic nanocoating that reduces dust-related energy loss from approximately 9% to 3% in desert environments. CleanMax monetizes primarily through long-dated subscription-style PPA cash flows, supplemented by EPC and O&M services, carbon credit revenues, and JV/co-investment economics. The company has raised over $1.1 billion in equity since 2017 from investors including Warburg Pincus, UK Climate Investments, IFU, and Brookfield Renewables, and secured a $575 million debt facility in May 2026 from a six-bank international consortium to fund approximately 1 GW of new renewable projects.

Name

CleanMax

Legal name

Clean Max Enviro Energy Solutions Limited

Website

https://cleanmax.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

CleanMax is India's largest pureplay commercial and industrial renewable energy developer, building, owning, and operating solar, wind, hybrid, and battery storage projects for corporate and data center customers under long-term PPAs across India, the Middle East, and Southeast Asia.

Ownership category

akta.pro rank

Product category

Commercial and Industrial Renewable Energy Services

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

C&I Renewable Supply & Green Tariffs (Bundled RE, Sleeves, Utility Green Tariffs) (EUAGACAE)

akta.pro secondary industries

Contracted Wind Power Generation (PPA/CFD/FiT-backed) (EUACAFAJ), Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ), Distributed Generation (DG) Solar & Small Wind (EUAMAJAD), DER Financing, Leasing & Billing Platforms (TPO, PPA, On-Bill) (EUAMAJAJ), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)

Keywords

• Commercial solar power
• Renewable energy solutions
• Wind solar hybrid
• Carbon credit trading
• Power purchase agreements

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Technology or R&D, Operations, Personnel, Marketing or Sales

Revenue model

1. Renewable Energy Project Development and Ownership: CleanMax develops, owns, and operates solar, wind, and hybrid renewable energy projects. Revenue is generated through long-term PPAs (typically 15-25 years) with C&I customers, providing stable and predictable cash flows. The company earns returns on its asset base while customers receive clean energy at tariffs lower than grid power.
2. EPC and O&M Services: Engineering, Procurement, and Construction services for on-site solar installations, along with ongoing Operations and Maintenance. Customers can opt for full capex ownership or include O&M in their PPA arrangements.
3. Carbon Credits and Environmental Attributes: Revenue from sale of carbon credits (I-RECs), Environmental Attribute Certificates, and VPPA arrangements. CleanMax generates credits from projects including cookstoves, biochar, agroforestry, and renewable energy installations.
4. Joint Ventures and Co-investments: Strategic co-investment partnerships where partners like Apple (49% stake, ₹100 crore), Toyota Tsusho India, and Osaka Gas co-invest in renewable energy projects, providing upfront capital and ongoing revenue share.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

CleanMax develops, owns, and operates solar, wind, and hybrid renewable energy projects for commercial and industrial (C&I) customers in India, Middle East, and Southeast Asia. The company delivers renewable power through long-term Power Purchase Agreements (PPAs) of 15-25 years via flexible commercial models including OPEX (Third-Party Open Access, Group Captive), CAPEX, and Virtual Power Purchase Agreements (VPPAs). Offerings span onsite solar (rooftop, ground-mounted, floating, carport), offsite utility-scale solar/wind/hybrid farms with BESS, and carbon solutions including Environmental Attribute Certificates and carbon credit trading.

Product overview

CleanMax operates as a renewable energy solutions provider offering three core product lines: (1) Offsite Solutions encompassing solar farms, wind farms, wind-solar hybrid farms, and BESS for large-scale clean energy supply; (2) Onsite Solar Solutions including rooftop, ground-mounted, floating solar, and solar carports for facility-level power generation; and (3) Carbon Solutions providing VPPAs, Environmental Attribute Certificates, carbon credit trading, and advisory services. The company supports flexible commercial models including OPEX (Third-Party Open Access/Group Captive) and CAPEX options, enabling customized renewable energy procurement for commercial and industrial clients. Operations span India, UAE, Thailand, Bahrain, and Saudi Arabia with approximately 3 GW of operational capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Offsite Solutions Reliable and large-scale green energy solutions for consistent operations, including solar farms, wind farms, and hybrid wind-solar farms. Delivers continuous renewable power through CTU/STU-connected projects across multiple Indian states, offered via Open Access and Group Captive PPA structures for commercial and industrial customers.
• Onsite Solar Solutions Customised Solar PV systems installed at customer facilities including rooftop solar, ground-mounted solar, floating solar, and solar carports. Provides energy independence and cost optimization for commercial and industrial premises via CAPEX, OPEX, or PPA-based commercial structures.
• Carbon Solutions End-to-end carbon solutions including Virtual Power Purchase Agreements (VPPAs), Environmental Attribute Certificates, carbon credit trading, cookstove projects, biochar, agroforestry, and carbon project advisory services for corporates seeking to meet sustainability and net-zero commitments.

Quantifiable outcome

• CleanMax targets exceeding ₹2,200-2,500 crore operating profit by FY28, up from ₹1,870 crore run rate
• +4 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

15 partnerships are on record, tiered core, major, strategic and minor.

• Meta PlatformscoreStrategic or Co-development Partner · 10 June 2026Partnership exceeding 900 MW of renewable energy capacity in India, including 837 MW of new solar and wind projects across Rajasthan and Karnataka. Meta purchases 100% of environmental attributes from these projects to power its AI and data center operations. CleanMax develops, owns, and operates the assets. This represents a key growth driver with data center/AI clients accounting for 42% of contracted portfolio.
• Gujarat Alkalies and Chemicals (GACL)coreStrategic or Co-development Partner · 3 June 2026160.24 MW hybrid renewable project (75.90 MW wind + 84.34 MWp solar) developed under group captive model for GACL's chlor-alkali manufacturing facilities at Dahej and Vadodara. Four sites across Gujarat in two phases. Single largest group captive deal for CleanMax generating 369 million units annually.
• Tata CommunicationsmajorStrategic or Co-development Partner · 9 May 2026Tata Communications acquired 26% stake in Clean Max Yuhdul Private Limited for ₹26,000. SPV will supply renewable power for Tata Communications' Karnataka offices under captive power consumption model. Supports Tata's carbon neutrality by 2030 and net-zero by 2035 targets.
• ApplecoreStrategic or Co-development Partner · 7 May 2026Strategic co-investment partnership with ₹100 crore investment to develop over 150 MW of new renewable energy capacity in India. Apple holds 49% stake through joint venture arrangement. Supports Apple's 2030 carbon neutrality goal and manufacturing expansion in India. Capacity sufficient to power approximately 150,000 Indian households annually.
• Iron Mountain IndiamajorStrategic or Co-development Partner · 6 May 2026Long-term partnership supplying hybrid solar and wind power to Iron Mountain data centers in Mumbai, Pune, and Bengaluru. Approximately 32 million kWh clean power annually, increasing renewable energy share to 75% for these facilities. Supports Iron Mountain's 24/7 carbon-free energy by 2040 goal.
• Shell IndiamajorStrategic or Co-development Partner · 21 April 202630 MW hybrid wind-solar projects under group captive model: 16.83 MW for Shell's LNG terminal at Hazira, Gujarat; 13.2 MW for Shell Technology Centre in Bengaluru, Karnataka. Both companies co-invest in projects expected to generate 66,832 MWh annually.
• Sangam IndiamajorStrategic or Co-development Partner · 15 April 202650 MW hybrid renewable project (30 MWp solar + 20 MW wind) with 2 MWh battery storage for textile manufacturing facilities in Rajasthan. Power sourced from CleanMax's Bhikamkor hybrid farm under intra-state group captive structure. Advances CleanMax's regional expansion.
• STT GDC IndiacoreStrategic or Co-development Partner · 2 April 2026Partnership expanded to exceed 130 MW across Tamil Nadu and Maharashtra with addition of 21 MWp solar capacity in Chennai. Includes equity investment from STT GDC India in contracted green energy capacity. Powers STT GDC India's data center operations with renewable energy.
• Kanoo Group (Bahrain)strategicStrategic or Co-development Partner · 1 January 2024Strategic partnership with Kanoo Group for Bahrain operations through Kanoo CleanMax Renewable joint venture. Combines legacy and technical expertise to deliver sustainable solar solutions to corporates and industries in Bahrain.
• Toyota Tsusho IndiastrategicStrategic or Co-development PartnerStrategic collaboration to facilitate reliable, long-term renewable power to Japanese corporates in India. Jointly catering to Japanese manufacturing companies seeking clean energy solutions. Aligns with Toyota Tsusho's vision for sustainability in India's C&I market.
• Osaka GasstrategicStrategic or Co-development PartnerPartnership to accelerate India's green energy transition supporting Osaka Gas Group's C&I market operations. Demonstrates commitment to CO2 reduction and future carbon neutrality while unlocking synergies in India's renewable energy sector.
• Equinix IndiacoreStrategic or Co-development Partner33 MW captive power plant partnership in Maharashtra for Equinix data centers. CleanMax developing, owning, and operating the facility to provide 100% renewable energy coverage for Equinix India deployments.
• Fourth Partner EnergymajorStrategic or Co-development PartnerPartnership with Fourth Partner Energy for Meta's renewable energy requirements in India. Together providing nearly 1 GW of clean energy (CleanMax 837 MW + Fourth Partner 88 MW) for Meta's Jamnagar data center operations.
• WWF-IndiaminorOthersPartnership for plastic waste recovery and recycling traceability initiatives in India, expanding from Goa to additional regions including Coimbatore. Part of Apple's environmental initiatives supported by CleanMax.
• Saahas Zero WasteminorOthersPartnership for waste management and recycling programs supporting Apple's environmental initiatives in India. Focus on reducing plastic pollution through collection, sorting, and recyclable material recovery.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Avaada Group: Indian IPP developing utility-scale and C&I solar, wind and hybrid projects; comparable customer base of industrial and commercial offtakers and similar PPA-driven revenue model.
• Tata Power Solar Systems: Vertically integrated solar EPC and C&I rooftop developer within the Tata group; competes head-to-head for large corporate rooftop, open-access, and group-captive deals in India.
• Fourth Partner Energy: Indian C&I-focused renewable energy developer and PPA operator; actually co-developing ~1 GW with CleanMax for Meta. Closest direct competitor in the same open-access/group-c captive C&I segment in India.
• ACME Solar Holdings: Indian renewable energy IPP with solar and hybrid projects serving C&I and utility customers; comparable project economics, CTU-connected portfolio, and listed-company valuation reference.
• Sprng Energy (Actis): India-focused renewable platform backed by Actis developing solar and wind projects for C&I and utility customers; comparable scale, C&I focus, and PPA-based revenue model.

Broad incumbents

• Adani Green Energy: Largest renewable energy developer in India with utility-scale solar, wind and hybrid projects; broader portfolio but increasingly active in C&I and corporate PPAs, setting competitive benchmarks on tariffs and scale.
• Greenko Group: Large Indian renewable energy IPP focused on wind, solar and pumped-storage; comparable hybrid project expertise and 24/7 clean-energy positioning aimed at industrial customers.
• JSW Energy: Diversified Indian power producer expanding rapidly into renewables including C&I solar and hybrid PPAs; competes for similar corporate customers and has stronger balance sheet flexibility.
• ReNew Power: One of India's largest renewable IPPs (utility-scale wind, solar, hybrid); overlaps with CleanMax on corporate PPAs and open-access supply while also serving utility offtakers.

Emerging players

• SunEdison Infrastructure (India): Historically a pioneer in C&I solar PPAs in India; now a smaller entity post-restructuring but represents an ongoing competitive presence in rooftop and open-access solar development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cleanmaxsolar
• YouTubeyoutube.com/@CleanMaxOfficial
• Facebookfacebook.com/CleanMaxOfc
• LinkedInlinkedin.com/company/clean-max-enviro-energy-solutions-pvt-ltd-
• Instagraminstagram.com/cleanmax_official

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries7 records

Funding overview

Funding rounds10 records

Investors26 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CleanMax