The International Finance Corporation (IFC) has announced a debt investment of THB 1,476 million (approximately USD 45 million) in CleanMax Energy (Thailand) Company Limited, a subsidiary of India-based Clean Max Enviro Energy Solutions Pvt. Ltd. (CleanMax). The investment aims to enhance clean energy access for industrial users in Thailand.

This marks IFC’s first debt financing in Thailand exclusively targeting the commercial and industrial (C&I) solar segment. The funds will support the development of 35 MWp of new solar capacity, refinance 41 MWp of existing assets, and help accelerate the growth of Thailand’s distributed solar generation market for industrial consumers.

CleanMax, backed by global asset manager Brookfield, is a leading provider of net-zero energy solutions for C&I customers in India and Southeast Asia.

“CleanMax aims to expand clean and accessible green energy across key sectors by establishing a further presence in Thailand,” said Kuldeep Jain, Managing Director, CleanMax. “Through our partnership with IFC, we will build a sizeable portfolio, attract interest from commercial lenders, and contribute meaningfully to renewable energy asset development in the region.”

Riccardo Puliti, Regional Vice President for Asia and the Pacific at IFC, noted, “IFC’s financing will help CleanMax, a leading Indian private player, expand its operations in line with growing demand. The project supports Thailand’s efforts to boost competitiveness in distributed generation and expand renewable energy solutions.”

As Thailand transitions to a more diversified energy mix, on-site solar systems for industrial use are gaining traction, offering cost-effective alternatives to grid electricity. According to IFC, the C&I solar market in Thailand could triple over the next decade, reflecting strong sectoral growth potential.

This investment builds on IFC’s long-standing association with CleanMax. In 2017, IFC became one of the company’s earliest institutional investors with over USD 10 million in equity, joining Warburg Pincus to support its early expansion.

The latest funding underscores IFC’s continued commitment to supporting clean energy innovation in emerging markets and enabling private sector-led solutions to meet the growing energy demand sustainably.

New source: Solar Quarter