Data centres are fast emerging as the biggest growth driver for renewable energy developer CleanMax Enviro Energy Solutions, with the company saying orders from the segment have increased nearly ten-fold in the last two years. In its first annual report after listing in March 2026, CleanMax said its data centre and AI business has grown from 254 MW in 2023-24 to 2.38 GW and now accounts for 42 per cent of its order book.
The company, which counts global technology companies such as Meta and Google among its customers, said every 1 GW of data centre capacity would require around 6 GW of round-the-clock renewable energy supply to ensure uninterrupted operations.
During 2025-26, CleanMax crossed 3 GW of installed renewable energy capacity. The company said it has signed contracts for 5.7 GW of solar and wind capacity, of which 3.1 GW has already been commissioned while the remaining 2.6 GW is under development.
The company realised a weighted average tariff of ₹3.85 per kWh across its power sales during the year.
Interest costs
For 2025-26, CleanMax reported revenue of ₹1,913 crore, EBITDA of ₹1,295 crore and profit after tax of ₹86 crore. While the net profit appears modest relative to revenue, the company is in a capital-intensive phase of expansion. Finance costs during the year stood at ₹786 crore and depreciation at ₹380 crore, reflecting the heavy borrowings and large asset base associated with renewable energy projects.
During the year, CleanMax invested over ₹5,600 crore in new projects, while its borrowings increased to about ₹12,400 crore.
The company said it has reduced its average project debt cost from 9.2 per cent to 8.5 per cent, a factor that could support profitability as its projects mature and debt obligations decline over time.
The company made its stock market debut in March this year, when it raised ₹3,079 crore.