? Incorporated in September 2010, Clean Max Enviro Energy Solutions is a provider of
commercial and industrial renewable energy solutions. The company specialises in
delivering decarbonization solutions, including supplying renewable power and
offering energy services and carbon credit solutions to customers.
? The company’s expertise, including solar, wind and hybrid plants, within the
customer’s premises and encompasses EPC services and O&M services for
renewable energy plants, including solar, wind, and hybrid plants, within the
customer’s premises and on CleanMax-developed farms.
? The company operates 2 business segments: (i) Renewable Energy Power Sales
Segment (Sale of power under long-term PPAs); and (ii) Renewable Energy Services
Segment (EPC, O&M services and carbon services to customers).
? The company is India’s largest commercial and industrial (“C&I”) renewable energy
with 2.80 GW of operational, owned and managed capacity, and 3.17 GW of
contracted, yet to be executed capacity, as of October 31, 2025.
? The company holds a leading position, with the largest customer base among C&I
renewable energy players in India, comprising 555 customers across 1,198 signed
PPAs as of September 30, 2025.
? The company’s business model differs from that of utility-scale RE developers, as it
does not participate in competitive tenders with state-owned distribution
companies or central government utilities. The company’s weighted average tariff
for capacity commissioned in 6 months ended September 30, 2025, was Rs 3.66 per
kWh, whereas the industry weighted average for listed utility-scale renewable
energy players for the same period was Rs 2.44 – 2.46 per kWh.
? As of March 31, 2025, the company had one of the widest geographical coverages,
offering on-site solar in 23 states in India and international locations, including the
UAE, Thailand, and Bahrain. Furthermore, CleanMax offers STU and CTU connected
farms across 10 states in India, featuring a blend of wind and solar solutions for C&I
customers.
? The company had a market share of ~8% of the yearly OA RE capacity additions in
FY 2025 and 12% in FY 2023. The company had a higher market share in Gujarat and
Karnataka during FY 2024.
? The company is recognized as a sector leader in renewable power sector by Global
Real Estate Sustainability Benchmark (“GRESB”) Infrastructure Asset Benchmark
Report 2025. This positions the company as a preferred partner for clients, including
technology companies that seek vendors dedicated to sustainability principles.
? The company’s Revenue from Renewable Energy Power Sales grew at a 52.71%
CAGR from FY2023 to FY 2025 and its EBITDA grew at a CAGR of 58.14% during the
same period, which was higher than the latest available median revenue and EBITDA
growth rate of all peers of 9.77% and 16.11%, respectively.