CleanMax
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.
- Company typePublic
- Founded2010
- HeadquartersMumbai, India
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
CleanMax firmographics
Firmographics- 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
CleanMax industry classification
Industry- 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
Where CleanMax is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices4 records
Markets served
CleanMax business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Technology or R&D, Operations, Personnel, Marketing or Sales
Revenue model
- 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.
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Group Captive PPA Model |
| Subscription | Multi-year contract | Third-Party Open Access PPA |
| One time/ perpetual license | Multi-year contract | CAPEX / Full Ownership Model |
| Transaction based/ take rate | Multi-year contract | Virtual Power Purchase Agreement (VPPA) |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
CleanMax product offering
Product offeringCore 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
Companies that use CleanMax
Customer profileNamed customers14 records
Segments4 records
Ideal customer profiles4 records
CleanMax technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature3 records
CleanMax partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core, major, strategic and minor.
- Meta PlatformscorePartnership 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)core160.24 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 CommunicationsmajorTata 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 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 IndiamajorLong-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 Indiamajor30 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 Indiamajor50 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 IndiacorePartnership 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 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 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 GasstrategicPartnership 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 Indiacore33 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 EnergymajorPartnership 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-IndiaminorPartnership 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 WasteminorPartnership 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
CleanMax competitors and assessment
Company assessmentDirect 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
CleanMax social profiles
Digital presenceCleanMax compliance and trust
Trust signalCompliance9 records
CleanMax financial estimates
Financial estimateRevenue estimate
Valuation estimate
CleanMax leadership team
Management profileNumber of profiles
Profiles18 records
CleanMax subsidiaries and ownership
Company hierarchySubsidiaries7 records
CleanMax funding detail
Funding detailFunding overview
Funding rounds10 records
Investors26 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CleanMax M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CleanMax
What does CleanMax do?
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.
Is CleanMax a public or private company?
CleanMax is a public company. It is classified as public and is currently operating.
When was CleanMax founded?
CleanMax was founded in 2010. It employs 101 to 250 people.
Where is CleanMax based?
CleanMax is headquartered in Mumbai, India, in the Asia region.
How does CleanMax make money?
Four revenue lines are on record. Renewable Energy Project Development and Ownership is the primary driver. The others are EPC and O&M Services, carbon Credits and Environmental Attributes and joint Ventures and Co-investments.
Who are CleanMax's main competitors?
Direct peers on record are Avaada Group, Tata Power Solar Systems, Fourth Partner Energy, ACME Solar Holdings and Sprng Energy (Actis). Broad incumbents are Adani Green Energy, Greenko Group, JSW Energy and ReNew Power. SunEdison Infrastructure (India) is listed as an emerging player.
Does CleanMax have an API?
No public API is recorded for CleanMax.
What industry is CleanMax in?
CleanMax's product category is Commercial and Industrial Renewable Energy Services. Its primary akta.pro industry code is EUAGACAE, C&I Renewable Supply & Green Tariffs (Bundled RE, Sleeves, Utility Green Tariffs), with a secondary code of EUACAFAJ, Contracted Wind Power Generation (PPA/CFD/FiT-backed). Its NAICS code is 221114 and its SIC code is 4911.