A Temasek-led consortium is in advanced talks to invest around ₹1,500 crore in Clean Max Enviro Energy Solutions through a pre-IPO round. Global investors including Bain Capital, 360 ONE and Steadview Capital are likely to join the deal. Clean Max is India’s largest pure-play commercial and industrial (C&I) renewable energy company with an operational capacity of 2.54 GW. The pre-IPO investment may be followed by a revised IPO of about ₹3,000 crore, taking the total capital raise to nearly ₹4,500 crore.
Temasek is leading a consortium in advanced talks to invest ~₹1,500 crore in Clean Max Enviro Energy Solutions ahead of its IPO.
Temasek is expected to contribute the majority of the proposed capital.
Bain Capital, 360 ONE and Steadview Capital are exploring participation as co-investors.
If completed, this could mark Temasek’s first direct investment in India’s energy transmission and C&I renewable energy segment.
Clean Max is not a typical renewable energy developer focused on utility-scale projects. Instead, it operates squarely in the commercial and industrial (C&I) segment — supplying renewable power directly to businesses.
According to its draft papers:
2.54 GW of operational, owned and managed capacity
Nearly 15 years of operating history, founded in 2010
Its clients span data centres, AI and technology firms, cement, steel, FMCG, pharma, real estate and global capability centres — sectors under increasing pressure to decarbonise.
In simple terms: Clean Max helps companies move towards Net Zero without them having to build or manage renewable assets themselves.
Clean Max’s operating metrics show how quickly the platform has scaled over the last three years, especially in C&I capacity additions and energy generation.
Operational performance
Particulars | Unit | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Generation exported | Mn units | 2,616 | 1,933 | 1,049 |
| C&I operational capacity | MW | 2,178 | 1,755 | 1,040 |
| Solar (Onsite) | MWp | 449 | 396 | 334 |
| Solar (Offsite) | MWp | 1,171 | 851 | 498 |
| Wind | MW | 558 | 508 | 208 |
| Contracted, yet-to-be-executed capacity | MW | 2,770 | 436 | 581 |
What this tells us: Clean Max has more capacity under execution than what it already operates — a clear indicator of strong visibility on future growth.
Clean Max’s revenue growth is increasingly being driven by power sales rather than lower-margin services.
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue from operations | 1,496 | 1,390 | 930 |
| – Renewable energy power sales | 1,107 | 866 | 475 |
| – Renewable energy services | 377 | 518 | 455 |
| Power sales as % of revenue | 74% | 62% | 51% |
UnlistedZone style insight: The revenue mix is shifting decisively towards long-term power contracts — exactly what institutional investors prefer.
Despite scale-up, Clean Max has maintained extremely high margins in its core power business.
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total gross margin | 1,086 | 939 | 502 |
| Gross margin – power sales | 1,025 | 809 | 444 |
| Power sales gross margin (%) | 93% | 93% | 93% |
This consistency suggests pricing power and efficient asset utilisation in the C&I segment.
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Revenue from Operations | 1496 | 1390 | 930 |
| EBITDA | 1015 | 742 | 406 |
| Adjusted EBITDA | 1009 | 772 | 425 |
| - Power Sales Segment | 955 | 667 | 376 |
| - Services Segment | 54 | 105 | 48 |
| Gross Margin - Power Sales | 93% | 93% | 93% |
| Gross Margin - Services | 16% | 25% | 13% |
| PAT | 19 | -38 | -59 |
| PAT Margins | 1.3% | -2.7% | -6.3% |
| Debt to Equity Ratio | 1.97x | 2.17x | 2.16x |
What stands out: Rising profitability, improving margins and a gradually deleveraging balance sheet — a strong setup heading into an IPO.
A quick comparison with listed renewable energy peers highlights where Clean Max stands on profitability, leverage and scale.
| Company | Revenue (₹ cr) | EBITDA margin | PAT (₹ cr) | PAT margin | D/E ratio | Market cap (₹ cr) | P/E |
|---|---|---|---|---|---|---|---|
| Clean Max Enviro Energy Solutions | 1,496 | 67% | 19 | 1.3% | 1.97x | 4,372 (as per last fundraise) | 230.5x |
| ACME Solar Holdings Ltd | 1,405 | 89% | 251 | 18% | 2.72x | 13,798 | 27.5 |
| NTPC Green Energy Ltd | 2,210 | 87% | 474 | 21% | 1.16x | 73,629 | 132.0 |
| Adani Green Energy Ltd | 11,212 | 79% | 2,001 | 18% | 4.52x | 1,61,711 | 98.1 |
UnlistedZone read: Clean Max already delivers profitability and PAT margins comparable to listed peers, despite being smaller in scale. Its leverage sits below Adani Green but above NTPC Green, while valuation metrics will only become visible post-listing — one reason why the pre-IPO round is drawing strong interest.
There’s a structural shift underway in Indian renewables:
C&I demand is rising: Corporates want predictable power costs and cleaner energy.
Better margins than utility-scale projects: Long-term contracts with creditworthy clients reduce risk.
Global capital prefers platforms: Clean Max is the largest pure-play C&I platform, making it a natural entry point.
For investors like Temasek and Bain Capital, this offers exposure to India’s energy transition without the volatility of merchant power markets.
Clean Max filed its draft IPO papers in August 2025. Initially, the plan was:
Fresh issue: ₹1,500 crore
Offer for Sale (OFS): ₹3,700 crore
Total issue size: ₹5,200 crore
Now, sources indicate:
A ₹1,500 crore pre-IPO round
A revised IPO size of ~₹3,000 crore
That still implies a total capital raise of around ₹4,500 crore, with a potential launch in late February or early March.
Brookfield Asset Management, which owns ~42% of the company, remains a key shareholder.
Recent renewable energy IPOs show mixed signals:
NTPC Green Energy: down ~7% in the past month
Waaree Energies: up ~15%
Premier Energies: up ~5%
This suggests investor appetite is selective — favouring differentiated business models rather than plain-vanilla power generators.
Temasek’s interest signals growing global conviction in India’s C&I renewable energy story. Clean Max sits at the intersection of three powerful themes — decarbonisation, corporate energy security and long-term contracted cash flows.
If the pre-IPO round goes through, it won’t just be about funding. It would validate Clean Max’s positioning as the go-to platform for corporates chasing Net Zero — and set the tone for one of the most closely watched renewable energy IPOs of the year.