- CleanMax is fully funded for growth and needs no fresh equity for 2-3 years
- The company secured 2,000 MW power evacuation rights under Andhra Pradesh MoU
- CleanMax plans a Rs 50,000 crore project with 3 GW renewable capacity by 2029
CleanMax Enviro Energy Solutions does not need to raise fresh equity for the next two to three years and is fully funded for its growth plans, Kuldeep Jain, the company's Managing Director, told NDTV Profit, as the renewable energy company looks to expand its presence in power generation and supply for data centres.
Jain said the company has secured 2,000 MW of power evacuation rights out of the 3,000 MW covered under its memorandum of understanding (MoU) with the Andhra Pradesh government.
The Rs 50,000 crore Andhra Pradesh project is a "mega project", he said, adding that the state offers unique flexibility in the power sector.
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CleanMax's Rs 50,000 Crore Andhra Pradesh Project
Earlier this week, on November 12, CleanMax signed an MoU with the Andhra Pradesh Economic Development Board to invest nearly Rs 50,000 crore in an integrated clean energy project.
The plan includes 3 GW of renewable power generation capacity through wind and solar, along with 1 GW of pumped hydro storage facilities. The power infrastructure will support a 2 GW Green Compute Factory being developed in collaboration with AI cloud provider Neysa in Kurnool district.
CleanMax will bring power generation, storage and distribution together to supply round-the-clock clean energy to the compute facility. The company will use wind and solar generation along with pumped hydro and battery energy storage systems to manage fluctuations in supply.
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At least 1.5 GW of renewable capacity is proposed to be developed by 2029, with the project being implemented in phases.
Jain believes data centres will increasingly need to be located in areas with access to large power generation capacities, given their energy requirements.
No Equity Fundraise Needed For 2-3 Years
Jain said CleanMax is adequately funded to support its growth over the next two to three years and does not need further equity fundraises during this period.
The company has also built a number of joint ventures (JVs) and is looking to grow these businesses, he said.
On the financial potential of its expansion plans, Jain said every additional 3,000 MW of capacity adds around Rs 3,000 crore to the company's EBITDA.
CleanMax Q2 Results: Net Profit Rises 86%
CleanMax reported an 85.8% year-on-year (YoY) increase in consolidated net profit to Rs 47 crore in the second quarter of FY27, compared with Rs 25.3 crore in the year-ago period.
Revenue rose 37.1% to Rs 727.6 crore from Rs 530.6 crore, while EBITDA increased 56.3% to Rs 524.5 crore against Rs 335.5 crore a year earlier.
EBITDA margin improved to 72.1% from 63.2% in the corresponding quarter last year.
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