Herbert Smith Freehills Kramer advises lenders on two CleanMax India renewable projects

Leading global law firm Herbert Smith Freehills Kramer has advised international lenders on the financing of two renewable energy projects for Clean Max Tasman Private Limited and VEH Green Energy Private Limited (CleanMax) in India.

The firm advised Société Générale, Sumitomo Mitsui Banking Corporation (SMBC) and BNP Paribas on a US$125 million external commercial borrowing for CleanMax’s 140 MWac greenfield wind power project, which has won the 2025 IJGlobal APAC Onshore Wind Deal of the Year. The firm subsequently advised Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Limited on the US$174 million external commercial borrowing for CleanMax’s 155 MWac hybrid (wind and solar) renewable power project. The first project achieved financial close in December 2025, and the second project reached this milestone in March 2026 - both projects are located in Koppal, Karnataka.

The projects are being developed for a wholly owned subsidiary of a global technology company as the offtaker. CleanMax is the largest renewable energy provider to the commercial and industrial sector in India.

For both projects, the offtaker has signed a long-term, unique renewable energy purchase agreement with CleanMax, which is the first-of-its-kind to be financed in the Indian market.

The Herbert Smith Freehills Kramer team was led by partner and head of the India Finance practice Dhananjaya Chak, supported by senior associate Nicholas Gerovasilis, associates Jenny Seong and Swati Gupta, and trainee Yashvi Hora.

Partner Dhananjaya Chak commented: "We are proud to have advised the lenders on these first-of-a-kind debt financing packages for CleanMax's greenfield wind and solar power projects in India. These award-winning deals reinforce our market-leading position in Indian project finance matters, and we are grateful that lenders and borrowers consider HSF Kramer as the firm of choice to deliver such complex external commercial borrowing transactions in the renewables space."

The firm has a long-standing history advising on award-winning renewable power projects in India, recently advising the mandated lead arrangers on the project financing of the development, construction and operation of ReNew Hans Urja Private Limited's 600MW (AC) solar power project in the State of Rajasthan, which was PFI's India Deal of the Year 2024.

Cyril Amarchand Mangaldas acted as local counsel to the lenders. JSA Advocates and Solicitors acted as local law advisers to CleanMax.