CleanMax Enviro Energy Solutions is increasing its focus on India’s burgeoning data centre and AI sectors, contracting 2.5 GW of renewable energy to major technology giants while maintaining a diverse portfolio of industrial customers.
CleanMax Enviro Energy Solutions is deepening its exposure to India’s fast-growing data centre and artificial intelligence build-out, with 2.5 GW of renewable energy capacity already contracted to data centre players, about 10 times the level seen two years ago. The shift marks a significant change for a business that has long sold clean power to industrial customers, but now finds itself increasingly tied to the energy demands of hyperscalers, colocation operators and AI infrastructure.
The company’s customer list reflects that transition. Bloomberg supply-chain data cited in the lead report shows Amazon, Apple, Alphabet, Digital Realty Trust, Equinix and Cisco among its clients, while CleanMax’s own industry pages also name Google and other technology customers. At the same time, the company still serves a broad base of conventional industrial users, including UPL, BASF India, Bajaj Auto, Grasim Industries, Apar Industries and Welspun Living, giving it a second engine of growth even as digital demand accelerates.
That dual exposure is showing up in the numbers. According to the lead report, data centre and AI-related customers now account for 42% of CleanMax’s 6,003 MW of contracted capacity, with the remainder coming from traditional commercial and industrial buyers. Revenue more than doubled in the latest quarter, adjusted EBITDA rose 74% and the company returned to profit. Yet the expansion is capital intensive: net debt has climbed to Rs 11,809 crore and management expects it to rise further by FY28.
CleanMax’s technology push is also being reinforced by a series of large customer deals. PV Magazine India reported that the company and STT Global Data Centres India have expanded their renewable energy partnership beyond 130 MW, including an added 21 MWp of solar capacity to support round-the-clock hybrid power for data centres in Chennai. In a separate transaction, Financial Express said Meta Platforms has broadened its CleanMax relationship beyond 900 MW, with 837 MW of new solar and wind capacity across Rajasthan and Karnataka. Those agreements underline how large digital groups are using renewable power contracts to support both emissions goals and energy security.
The company is not, however, betting solely on data centres. The lead report says traditional commercial and industrial customers still make up 58% of contracted capacity and that volumes from this segment have doubled over two years. CleanMax argues that only a small share of India’s industrial electricity currently flows through bilateral green power arrangements, leaving ample room for growth. It also points to potential savings of 25% or more on electricity bills for corporate buyers, a pitch that remains compelling as firms look to cut costs and emissions at the same time.
Operationally, CleanMax is trying to turn that demand into commissioned capacity. It added 530 MW in the latest quarter and has 2,510 MW of contracted renewable energy power sales capacity under execution, giving it visibility for the next two years. The company is also pushing into battery energy storage systems, or BESS, which would let it store solar power and deliver it later in the day. That expansion could support stronger earnings, but it also raises the stakes: CleanMax is guiding for minimum reported EBITDA of Rs 3,000 crore by FY28, against FY26 EBITDA of Rs 1,295 crore, while net debt is expected to increase to about Rs 16,000 crore. For now, the opportunity is clear. The test is whether commissioning, margins and cash generation can keep pace with the debt burden that comes with it.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
