Cat II · Managed by CleanMax
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Clean Max Renewable Trust (IN/AIF2/19-20/0749) is a SEBI-registered Category II Alternative Investment Fund (registered November 2019) managed by Clean Max Enviro Energy Solutions Limited — India's largest commercial and industrial (C&I) renewable energy company as of March 2025, per CRISIL. Founded by Kuldeep Jain and Pratap Jain, CleanMax provides renewable power to corporate and industrial clients through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs), and delivers end-to-end renewable energy services including EPC and O&M across solar, wind, and hybrid projects. As of July 2025, the company had 2.54 GW of operational, owned, and managed capacity and a further 2.53 GW contracted. The AIF was established as the fund vehicle to pool investor capital for renewable energy asset development in India, enabling institutional and HNI co-investment alongside CleanMax's balance sheet. CleanMax is backed by Brookfield (BGTF One Holdings), Temasek (via Jongsong Investments), and IFU Denmark. The company filed its IPO in 2025 (DRHP August 2025) and listed in March 2026. The AIF is registered at 4th Floor, The International, 16 Maharshi Karve Road, New Marine Lines, Churchgate, Mumbai – 400020.
Kuldeep Jain
Founder and Managing Director
Chartered Accountant, IIM Ahmedabad alumnus
Mr. Kuldeep Jain, a visionary leader and the driving force behind CleanMax, has fundamentally transformed the sustainability landscape in Asia, accelerating the decarbonization journey for progressive industries. He founded CleanMax with a vision to lead the transition to clean energy in the commercial and industrial sector and under his leadership, the company has grown exponentially. With a distinguished background as an IIM Ahmedabad alumnus, Chartered Accountant, and a former Global Partner at McKinsey & Company, where he headed the energy and corporate finance division, Kuldeep's expertise has been instrumental in driving CleanMax's extraordinary growth. His strategic acumen, environmental stewardship, and dynamic leadership have propelled the company to a leading position, across India, the Middle East, and South-East Asia. Under his guidance, CleanMax has become the preferred partner for corporations pursuing sustainability and Net-Zero goals. His ability to attract key investors and foster stakeholder confidence underscores his thought leadership, further solidifying CleanMax as an industry pioneer. His achievements have been awarded & recognized by ET (Star of Industry), Forbes (Green Warrior Award), IIM (Young Alumni Achiever) amongst others
Nitai Vijay
SEBI Contact Person
Nitai Vijay is the designated SEBI contact person for Clean Max Renewable Trust.
Nikunj Ghodawat
Chief Financial Officer
Nikunj Ghodawat is the Chief Financial Officer of our Company. He is responsible for overseeing debt and equity financing, mergers and acquisitions, financial strategy, accounting & control, joint ventures & other investor relationships and the overall financial performance of the Company. His responsibilities also encompass budgeting, forecasting, and long-term financial planning. Additionally, he leads our Company’s corporate social responsibility initiatives. He holds a bachelor’s degree in business administration from Devi Ahilya Vishwavidyalaya, Indore and a post-graduate diploma in business administration from ICFAI Business School. He is also a member of the IBS Alumni Federation. He has over 21 years of experience in corporate finance, fund raising and financial strategy. Before his association with our Company, he has previously served as a partner at TBNG Financial Consultants, as a senior associate, investment banking at Adventity BPO India Private Limited and as an associate director – investment banking at YES Bank Limited.
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Pramod Deore
Global CEO, On-site Renewables Business
Pramod Deore is the Global Chief Executive Officer – On-site Renewable Business of our Company. He oversees strategy development, revenue generation, operational execution, and profitability management for the onsite business unit in India as well as overseas. He is responsible for achieving revenue and profitability targets, improving workforce productivity, managing EPC project execution and driving ESG initiatives. He holds a bachelor’s degree in engineering (electrical branch) from University of Mumbai, diploma in human resource management from Welingkar Institute of Management Development & Research, Mumbai and master’s degree in marketing management from University of Mumbai. He has also completed the “Senior Executive Leadership Program” from Harvard Business School. He has over 23 years of experience in business operations. Before his association with our Company, he has previously served under various positions at Reliance Infrastructure Limited and as chief operating officer – distributed solar at Mahindra Susten Private Limited. He has been recognized as one of the “India’s 100 Most Powerful & Influential Solar Industry Business Leaders” at the Solar Quarter 3rd edition of India Power100Map in 2019. He is also conferred with a title of “Certified BRSR Expert” and completed ESG expert program by Directors’ Institute in 2023.
Vipin Balan
Head Projects
Vipin Balan joins CleanMax as Head Projects, bringing over 31 years of experience and he will be driving project execution and delivery across utility-scale renewable energy projects PAN India. Most recently, as Project CEO at CIP Terra Technologies, he led investment management, project execution, and commercial delivery for renewable energy investments backed by Copenhagen Infrastructure Partners (CIP), one of the world's leading energy infrastructure investors. His leadership journey spans Enel Green Power, GE Renewables, Regen Powertech, British Petroleum, and Enercon, where he spent 14 years building and scaling project execution capabilities nationwide. Having led greenfield wind and solar development, construction, and large cross-functional teams across multiple states, Vipin brings deep execution expertise that will be instrumental as CleanMax strengthens its projects organisation and accelerates its annual capacity portfolio.
Pranjal Paul
Chief Executive Officer – Carbon Business
B.Tech, M.Tech (IIT Madras)
Pranjal’s strategic impact at CleanMax is evident in his leadership of key business initiatives and his drive for innovation. Pranjal’s journey with CleanMax began in 2016 as a fresh graduate from IIT Madras, where he earned both his B.Tech and M.Tech degrees. Starting in the Bangalore office, he quickly made his mark by leading the Business Development team in Karnataka, securing pivotal deals for the company and by navigating competitive markets. After few years, Pranjal transitioned to the MD’s office as Chief of Staff, where he played a key role in strengthening the project development pipeline and exploring expansion opportunities, reflecting his strategic foresight. Pranjal has been leading the carbon business since it was first set up as a separate business unit in April 2023 and is deeply focused on spearheading unique initiatives and ground-breaking deals – thereby, ensuring the company stays ahead of the curve in a rapidly evolving market.
Akshai Raja
Senior VP and Head of Business Development (West) & Marketing
Akshai leads growth for CleanMax in West India and has been fundamental to CleanMax in becoming a Gigawatt scale company. Joining CleanMax in 2016 at our North India office, Akshai played a pivotal role in building CleanMax’s presence in the region by identifying market opportunities and establishing strategic partnerships through demand generation. His expertise lies in crafting customised Net Zero solutions to industrial customers and brings with him a deep network in the Commercial & Industrial space. In addition to his current role, Akshai leads the Marketing and PR team to enhance CleanMax’s brand visibility. Prior to CleanMax, Akshai worked with Goldman Sachs Inc where he was part of the Derivatives business.
Harsh Dash
Chief Executive Officer - SEA
IIT Madras alumnus
Harsh leads CleanMax's strategic initiatives in Southeast Asia, focusing on expanding CleanMax's presence in Thailand. As one of our earliest team members, Harsh had been driving growth across South India, managing key states such as Karnataka, Telangana, and Andhra Pradesh. His deep market insight and proactive approach have been instrumental in our global expansion. Under Harsh's leadership, CleanMax has successfully executed some of the largest onsite solar PPAs in Thailand, with projects upto 13.5 MWp which are remarkable milestones. An alumnus of IIT Madras, Harsh blends technical expertise with a dynamic mindset, reinforcing CleanMax's commitment to advancing sustainable energy solutions and fostering innovative partnerships in the region.
Shivani Agrawal
Chief Executive Officer - Middle East Region
B.Tech Chemical Engineering (IIT Bombay)
Shivani Agrawal is spearheading the company’s ambitious growth and strategic expansion in the Middle East region. She has been instrumental in driving the company’s regional strategy since joining in 2017 as a founding member of the Dubai office. Under her leadership, CleanMax has successfully penetrated key markets by forming long-term partnerships with local stakeholders, enhancing operational efficiency, and delivering tailored renewable energy solutions. Shivani’s focus on long-term sustainability and innovation has significantly contributed to strengthening CleanMax's competitive positioning, ensuring both growth and alignment with regional energy transition goals. Her background with B.Tech in Chemical Engineering from IIT Bombay further enhances her technical acumen in addressing complex energy challenges.
Sanjay Bhatia
General Counsel
Sanjay Bhatia is responsible for the legal functioning of the Company. With over 32 years of experience as a lawyer, Sanjay has been an integral part of CleanMax’s growth story since 2018 advising the company and its subsidiaries on the full spectrum of corporate laws and transactional matters. Sanjay plays a pivotal role in negotiating and closing open access and captive power purchase agreements and EPC contracts, apart from overseeing the closure of debt financing agreements, business transfer agreements, M&A deals, and advising on real estate, general corporate and dispute resolution matters. A graduate of the National Law School of India University, Sanjay began his career as a lawyer, representing clients before the district courts in Bangalore and the Karnataka High Court. He served as legal counsel at SunEdison India as well. With over 15 years in the renewable energy industry, Sanjay brings expertise in conflict resolution, risk management, and negotiation to secure key deals for CleanMax.
Ashu Gupta
Senior Vice President - Policy & Regulatory
Master's in management, PG Diploma in Human Rights
With experience in multidisciplinary management, Ashu plays a pivotal role in leading regulatory and policy strategies, overseeing permitting and approvals for solar, wind, and hybrid energy projects. His portfolio includes rooftop and distributed systems, as well as large-scale utility projects, across both onsite and offsite open-access models. With a track record in the renewable energy regulatory sector, his expertise across central and state levels is a significant asset. Ashu has worked with leading renewable energy companies such as Rays Power Experts and Ujaas Energy Limited. Holding a master’s degree in management and a PG Diploma in Human Rights, he possesses deep expertise in renewable energy, from manufacturing to project execution. Recognized for his contributions to regulatory services in the sector, he is also a senior member of several renewable energy associations.
Tejus AV
Chief Commercial Officer
Tejus is Chief Commercial Officer at CleanMax and has a total of 15+ years of multidisciplinary management experience. He oversees project development from site selection through construction and commissioning, coordinating with engineering and procurement teams. He holds a bachelor’s degree in engineering (electrical and electronics engineering) from Visvesvaraya Technological University, Belgaum and post-graduate diploma in business management and renewable energy from Symbiosis University, Pune and TERI University, Delhi, respectively. Further, he completed a certificate course on renewable energy project finance conducted by Harvard University. He has over 21 years of experience in multidisciplinary management. Before his association with CleanMax, he has previously served as senior engineer – sales and marketing at Innovative Technomics Private Limited, commercial manager at GE India Industrial Private Limited and as senior vice president – projects at WPA Clean Energy Private Limited.
Sweta Sajnani
Chief People and Culture Officer
Sweta Sajnani, our Chief People and Culture Officer, has played a pivotal role in building and strengthening the People & Culture function at CleanMax. Starting as a one-person team nearly eight years ago, she has led its transformation into a full-fledged department with a team of over 10 committed professionals. Under her leadership, CleanMax has developed robust talent acquisition strategies, employee development programs, and leadership initiatives that enable industry-leading professionals to thrive. With 20 years of diverse HR experience across generalist, business partner, and specialist roles, Sweta has been instrumental in shaping a culture that champions growth, teamwork, and active engagement. She also drives key areas such as performance management, organizational design, and leadership development, ensuring that CleanMax remains a people-first organization.
Amit Jain
COO - Utility Scale RE Projects
Amit Kumar Jain is the Chief Operating Officer (Utility Scale Projects) at CleanMax. He oversees the planning and implementation of all projects, ensuring timely, cost-effective, and quality execution including end-to-end oversight of supply chain, vendor management, and resource planning. In addition, he also oversees operations and maintenance programs, asset lifecycle optimization, and risk mitigation. He holds a bachelor’s degree in technology (electrical engineering) from National Institute of Technology, Silchar and diploma in international trade from Indian Institute of Material Management, Navi Mumbai. He has over 19 years of experience in operations and management. Before his association with our Company, he has previously served as deputy general manager at Mahindra Susten Private Limited, as an associate manager at Bharat Aluminium Company Limited and as an assistant manager – commercial at Bharat Oman Refineries Limited
Chintan Shah
Chief Technology Officer - Utility Scale RE
Chintan Shah, plays a crucial role in driving technological innovation and overseeing large- scale energy projects. With his rich experience in the wind, solar PV, battery energy storage systems (BESS) sectors, Chintan is a key figure in shaping CleanMax’s technological strategy and execution for large-scale projects, both in India and internationally. Chintan’s responsibilities include guiding technical teams, mitigating risks, and overseeing the techno- commercial due diligence for CleanMax’s ambitious energy initiatives. His past roles at renowned organizations like Torrent Power, Black & Veatch, GE, and Suzlon have enriched his experience in managing complex projects and delivering sustainable solutions.
Pratap Jain
BoardNon-Executive Director
Pratap Jain is a Co-Founder and Promoter of CleanMax Enviro Energy Solutions Limited.
Santosh Janakiram Iyer
BoardNon-Executive Independent Director
Shilpa Divekar Nirula
BoardNon-Executive Independent Director
Nawal Saini
BoardNon-Executive Director
Murzash Manekshana
BoardNon-Executive Director
Dinesh Khara
BoardLead Independent Director
Ajay Kaul
BoardNon-Executive Independent Director
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