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39.93 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	39.93
Equity

* These investment figures are indicative

The project will support the expansion of RE primarily in India's C&I segment by financing new RE capacity through CleanMax, the largest RE developer in the C&I space. The investment will contribute to increased clean power generation, reduced carbon emissions, and diversification of India's energy mix, while deepening the listed bond market for RE companies.

IFC’s additionality is expected to be both financial and non-financial, deriving from its support of CMES’s inaugural listed bond issuance. Financial additionality will be provided through IFC’s investment, which is expected to enhance investor confidence and support the successful execution of the transaction. Non-financial additionality will be derived from IFC’s credibility and extensive experience in India’s renewable energy and sustainable finance markets, helping to mitigate the execution risks associated with this first-of-its-kind listed bond structure.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Installed Capacity (MW)	#		Not Available	Not Available	Not Available

The Project is classified as Category B under IFC’s Policy on Environmental and Social Sustainability (2012). The main E&S risks and impacts reviewed include: (a) the experience and capability of the Company’s corporate and project-level E&S management and monitoring systems to identify, assess, and manage E&S risks and impacts across construction and operations in accordance with IFC PS1; (b) ensuring fair, safe, and healthy working conditions consistent with host-country laws and IFC PS2, including risks related to occupational health and safety (OHS), third-party workers, workforce related gender-based violence and harassment (GBVH) risks, and solar/wind supply chains; (c) resource efficiency, pollution prevention, and waste management; (d) site emergency preparedness and response arrangements; (e) community health and safety risks, including safe design of project infrastructure and equipment, potential E&S impacts on fence-line communities, community GBVH risks, and transport of materials; (f) land acquisition and leasing practices aligned with IFC PS5; (g) biodiversity assessment, mitigation, and monitoring consistent with IFC PS6; and (h) stakeholder engagement processes and the community grievance mechanism.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.