IFC Invests $45 Million in CleanMax Thailand to Boost C&I Solar Capacity

To expand access to reliable energy and make clean power more affordable for industrial businesses, the International Finance Corporation (IFC) is investing THB 1,476 million (approx. $45 million) in CleanMax Energy (Thailand) Company Limited, a subsidiary of India-based Clean Max Enviro Energy Solutions Pvt. Ltd., backed by Brookfield.

This marks IFC’s first debt investment in a Thailand-based renewable energy developer focused solely on the Commercial and Industrial (C&I) sector. The investment will support the development of 35 MWp greenfield solar capacity, refinance 41 MWp of operating projects, and significantly enhance Thailand’s C&I solar footprint.

“CleanMax aims to expand clean and accessible green energy across key sectors by establishing further presence in Thailand”, said Mr. Kuldeep Jain, Managing Director of CleanMax. “Through our partnership with IFC we will strive to build a sizeable portfolio, attract interest from commercial lenders, and seek to collectively contribute to developing renewable energy assets in Thailand.”

“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,” said Riccardo Puliti, Regional Vice President for Asia and the Pacific at IFC. “Aligned with government efforts, this project will enhance competitiveness in the distributed generation segment and expand renewable energy solutions for the country.”

As Thailand moves toward a more diversified energy mix, the industrial sector and its growing power demand continue to drive the adoption of on-site solar solutions that offer lower tariffs than the grid. IFC estimates that the market for C&I solar in Thailand could triple over the next 10 years.

"IFC was one of the first institutional investors in CMES with a more than $10 million equity investment in 2017 alongside Warburg Pincus, a global private equity firm."

This latest investment builds on that partnership, emphasizing IFC’s commitment to scaling energy solutions across emerging markets.