Renewable Energy provider Clean Max Enviro Energy announced that it has raised Rs 2,500 crore through the issuance of redeemable non-convertible debentures (NCDs) on a private allotment basis. The issuance of green debt securities was structured across five tranches with a maturity period of 2 to 10 years.
The coupon rate for these securities ranged between 8.25% and 8.76%, under a fixed rate structure. The issue followed an AA/Stable rating assigned in September to CleanMax’s corporate credit and its NCDs, the company said.
Clean Max Enviro NCD issuance attracts wide participation
The renewable energy company said that the placement attracted wide participation from domestic and international investors. The International Finance Corporation (IFC), The National Bank for Financing Infrastructure and Development (“NABFID”) and India Infrastructure Finance Company (“IIFCL”) anchored the issue, alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and other corporates.
Trust Investment Advisors Private (“TIAPL”) was the sole arranger for the issue, which was carried out in the Commercial and Industrial energy segment.
The Mumbai-based firm said that these bonds are backed by a defined greenuse-of-proceeds framework, which is allocated for large-scale renewable energy projects.
Clean Max Enviro: Management commentary
“This issuance channels institutional capital towards renewable energy while creating another avenue for investors to participate in CleanMax’s growth. The caliber of investors also reflects the confidence in our fundamentals and the predictability of our contracted cash flows”, said Kuldeep Jain, Founder and Managing Director, CleanMax.
Also speaking on the issuance, Nikunj Ghodawat, Chief Financial Officer of CleanMax, said, “This issuance is a meaningful step in deepening CleanMax’s access to the domestic bond market, allowing us to move beyond project-level financing and draw on a broader base of institutional investors.”
Clean Max Enviro share price
Clean Max Enviro’s stock ended Monday’s trade at Rs 1,373.10 on the NSE, down 1.5% from its previous close. Over the past one month, its stock has delivered a return of nearly 6%, while over the past six months its share price has advanced by around 74%.