International Financial Corporation (IFC) makes its first debt investment in a renewable energy developer in Thailand focused exclusively on the C&I sector. IFC shared its plans to invest THB 1,476 million (approximately $45 million) in CleanMax Energy (Thailand), a subsidiary of Clean Max Enviro Energy Solutions Private Limited (“CMES” “CleanMax”), in a press release.
Backed by Brookfield, CleanMax aims to support Indian renewable energy providers for the Commercial and Industrial (C&I) sector. The latest investment builds on that partnership, emphasizing IFC’s goal to scale energy solutions across emerging markets. Moreover, the company explained its intent to use this investment to expand access to reliable energy and make clean power more affordable for industrial businesses.
“The funding will support the development of 35 megawatt-peak (MWp) greenfield solar capacity, refinance 41 MWp of operating solar projects, and increase the country’s C&I solar capacity,” the company said.
“As Thailand diversifies its energy mix, growing industrial demand is driving adoption of on-site solar solutions that offer lower tariffs than the grid,” the company further added. IFC estimates that the country’s C&I solar market could triple over the next decade.
Company’s Leadership Views
“CleanMax aims to expand clean and accessible green energy across key sectors by establishing further presence in Thailand”, said 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.
