Clean Max Enviro Energy Solutions is India’s largest pure-play renewable energy company built exclusively to power businesses, not government grids - it is the “Net Zero Partner to Corporates”. Founded in 2010-2011 with a 15-year head start on corporate decarbonisation, it has grown into an end-to-end platform that develops, builds, finances and operates renewable energy plants, selling the output directly to 588 commercial and industrial customers under contracts that can run for more than two decades. The recurring approach that explains everything else is a repeat-business flywheel: roughly 70-80% of new contracted volumes each year come from existing customers expanding their programmes, and the company’s Data & AI customer segment alone has grown roughly tenfold in two years. # Business segments Three engines at different stages - a renewable power generation cash cow, a services business that builds and maintains assets for customers who want to own them, and a distributed on-site solar fleet that puts generation right at the customer’s doorstep - each feeding the same corporate client base. ## 1. Renewable Energy Power Sales: where the group’s contracted cash flows come from **The company builds large-scale solar and wind plants, then sells the electricity to corporations under 23-year agreements at pre-agreed tariffs - a model that turns renewable assets into annuity streams with 92-93% gross margins.** - **Big plants, small parcels** - CleanMax develops renewable energy parks of 100-500 MW but contracts the output in average slices of 13 MWp per customer, so no single client dominates the portfolio. As of March 2026, contracted capacity stood at 5.7 GW, with 3.1 GW already operational and the remaining 2.6 GW under construction for delivery over the next two fiscal years. - **Long-dated, fixed-price contracts** - the weighted average PPA (power purchase agreement) tenor is 23.17 years, and the 2.6 GW pipeline carries a weighted average tariff of INR 3.85 per kWh, giving the company revenue visibility that stretches decades ahead. - **A built-in hedge through contract-for-difference** - for roughly 1,600-1,700 MW of the portfolio, customers pay the difference between an assured tariff and whatever price the power fetches on the energy exchange, so CleanMax receives its contracted rate regardless of market swings. - **Creditworthy counterparties** - 82% of contracted volumes are with clients rated AA, AAA or multinationals, and a further 14% are A-rated, meaning 96% of volumes sit with A-rated and above names, keeping payment risk low. Receivable days were just 25 in FY26. - **Falling finance costs, rising margins** - the cost of project debt has dropped from 9.4% to 8.5% over three years, with 40% of the debt book now at fixed rates and a weighted average PPA tenor of \~23 years, while the EBITDA margin for the segment reached 83.5% as operating leverage kicked in. ## 2. Renewable Energy Services: the build-and-maintain engine for customers who want to own **When a corporate wants renewable energy assets on its own balance sheet, CleanMax develops, constructs and then operates the plant for its entire life - earning upfront EPC fees and recurring O&M income for 20-plus years.** - **Turnkey developer, lifetime operator** - the company handles land acquisition, evacuation infrastructure, engineering, procurement and construction (EPC), then stays on as the long-term operations and maintenance (O&M) provider, so it collects fees at every stage of a project’s life. - **A smaller but growing asset base** - as of March 2026, the segment had 770 MW of total contracted capacity, with 555 MW operational and 215 MW under construction. - **Carbon services bolted on** - the segment also encompasses renewable energy certificates (RECs and I-RECs), virtual power purchase agreements (VPPAs) for companies that want green attributes without physical power delivery, and carbon advisory, avoidance and removal credits. - **Infrastructure shared, fees charged** - common infrastructure SPVs own pooling substations and transmission lines, then charge other project SPVs for using them, creating an additional layer of recurring revenue. ## 3. On-Site Solar Solutions: generation at the customer’s doorstep **For clients who want renewable power generated right at their own facilities, CleanMax installs rooftop, ground-mounted, carport and floating solar systems - a 1,350-plus-plant fleet spread across India, the Middle East and Southeast Asia.** - **Distributed, multi-geography footprint** - the portfolio comprises more than 1,350 plants and over 399 MW installed across 22 Indian states and union territories, plus operations in Thailand, the UAE, Bahrain and Saudi Arabia. India on-site operational capacity stood at 275 MWp, with international operations adding another 123 MWp. - **A modest but sticky share of group earnings** - on-site solar represents approximately 13% of total capacity and slightly more than that of run-rate EBITDA, serving customers who want generation physically located at their premises. - **International tariffs tied to local grids** - in Thailand, 35 MWp of capacity operates on variable tariffs linked to local grid prices, which depend on imported natural gas, introducing a different risk profile from the fixed-price Indian contracts. # Group structure and partners **Every major project sits in its own Special Purpose Vehicle, with the customer holding a minimum 26% equity stake under Indian electricity law and CleanMax retaining 74% plus full operational control - a structure that aligns interests while keeping governance in the company’s hands.** - **The captive model is mandated by law** - under the Electricity Act, 2003 and Electricity Rules, 2005, the group captive structure requires the corporate customer to own at least 26% of the project SPV, while CleanMax holds the remaining 74% and runs the asset. Some SPVs start as wholly owned subsidiaries and are later converted when a customer takes its stake. - **Common infrastructure SPVs sit between the projects** - separate entities own and maintain pooling substations, transmission lines and evacuation infrastructure, charging fees to the project SPVs that use them, which keeps shared costs transparent and recoverable. - **Apple is a repeat equity partner** - through Clean Max Taurus Private Limited, Apple holds a 49% stake while CleanMax holds 51%, with Apple investing approximately INR 104 crores of equity across 150 MW of projects in Karnataka and Rajasthan; these are financial investments and the projects do not supply power to Apple. This is the second such joint venture between the two companies. - **Global banks are funding the next wave** - in May 2026, CleanMax secured approximately $575 million in multi-lender financing for roughly 1 GW of CTU-connected projects, with lenders including Societe Generale, BNP Paribas, SMBC, Credit Agricole, HSBC and DBS, structured so that non-INR borrowing is at interest rates below 6% and currency exposure is matched to contracted revenues. - **Strategic partners provide regional reach** - the company has partnerships with Toyota Tsusho and Osaka Gas, and works with the Kanoo Group in Bahrain, extending its footprint beyond India.