To help make clean and reliable energy more affordable for industrial businesses, the International Finance Corporation (IFC) is investing THB 1.48 billion (around $45 million) in CleanMax Energy (Thailand) Company Limited, a part of CleanMax Enviro Energy Solutions Private Limited (CleanMax).
Backed by Brookfield, CleanMax is a leading Indian renewable energy and net-zero solutions provider for the Commercial and Industrial (C&I) sector, IFC said in a statement on Thursday.
This is IFC’s first debt investment in a renewable energy company in Thailand that focuses only on the commercial and industrial (C&I) sector.
The investment will help build 35 megawatt-peak (MWp) of new solar projects, refinance 41 MWp of existing solar plants, and boost the overall solar capacity for businesses in the country.
“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 sizeable portfolio attract interest from commercial lenders and seek to collectively contribute to developing renewable energy assets in Thailand,” said Kuldeep Jain, Managing Director of CleanMax.
Meanwhile, Riccardo Puliti, Regional Vice President for Asia and the Pacific at IFC, said that 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,” he added.
As Thailand shifts toward a more diverse energy mix, the country’s industrial sector—along with its growing energy needs—is helping drive the use of on-site solar power. These solar solutions often offer lower electricity costs than the national grid.
IFC estimates that the market for commercial and industrial (C&I) solar in Thailand could grow three times bigger over the next 10 years.
IFC first invested in Clean Max Enviro Energy Solutions (CMES) in 2017, putting in over $10 million alongside private equity firm Warburg Pincus.
This new investment builds on that earlier partnership and highlights IFC’s ongoing support for expanding clean energy in developing countries.
IFC, a member of the World Bank Group, is the world’s largest development institution focused on the private sector in emerging markets.
It operates in more than 100 countries using its resources and expertise to create business opportunities and support economic growth.
In the 2024 financial year, IFC invested a record $56 billion in private companies and financial institutions across developing nations.
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