To help make clean energy more accessible and affordable for industrial businesses in Thailand, the International Finance Corporation (IFC) has invested THB 1,476 million (approximately $45 million) in CleanMax Energy (Thailand) Company Limited, a subsidiary of India-based Clean Max Enviro Energy Solutions Private Limited (CleanMax). CleanMax, supported by Brookfield, is a leading provider of renewable energy and net-zero solutions for the commercial and industrial (C&I) sector.
This investment represents IFC’s first debt financing in Thailand dedicated solely to a renewable energy developer focused on the C&I segment. The funding will support the construction of 35 megawatt-peak (MWp) of new solar projects, refinance 41 MWp of existing operating capacity, and help boost the overall C&I solar energy footprint in the country.
Mr. Kuldeep Jain, Managing Director of CleanMax, stated, “CleanMax aims to expand clean and accessible green energy across key sectors by establishing further presence in Thailand. Through our partnership with IFC we will strive to build a sizable portfolio, attract interest from commercial lenders, and seek to collectively contribute to developing renewable energy assets in Thailand.”
Riccardo Puliti, Regional Vice President for Asia and the Pacific at IFC, mentioned, “Building on the momentum for commercial and industrial solar in Thailand, IFC’s financing will help CleanMax, a leading Indian private player, expand its operations in line with market demand. Aligned with government efforts, this project will enhance competitiveness in the distributed generation segment and expand renewable energy solutions for the country.”
Thailand’s shift towards a more diverse and sustainable energy mix is being driven by rising electricity demand from its industrial sector. On-site solar installations have become increasingly attractive, offering more competitive rates compared to conventional grid electricity. According to IFC estimates, the market for C&I solar solutions in Thailand has the potential to triple over the next decade.
IFC was among the early institutional investors in CleanMax, having invested over $10 million in equity in 2017 alongside global private equity firm Warburg Pincus. This latest investment continues IFC’s long-standing collaboration with CleanMax and underlines its commitment to supporting renewable energy growth in emerging markets like Thailand.
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