The International Finance Corporation (IFC) has partnered with Clean Max Enviro Energy’s subsidiary, CleanMax Energy (Thailand), to invest USD 45 million in expanding solar energy in Thailand’s industrial sector. The funding will support the development of 35 megawatt-peak (MWp) of new solar projects, refinance 41 MWp of existing installations, and increase the country’s solar capacity for commercial and industrial (C&I) users.
This marks IFC’s first debt investment in a renewable energy company in Thailand focused solely on the C&I segment. CleanMax, which is backed by Brookfield, is an Indian company that provides renewable energy and net-zero solutions for commercial and industrial clients.
CleanMax Managing Director Kuldeep Jain stated that the partnership will help the company build a larger portfolio in Thailand and attract interest from commercial lenders. The goal is to expand clean energy access across key sectors of the Thai economy and contribute to the country’s renewable energy development.
Riccardo Puliti, IFC Regional Vice President for Asia and the Pacific, said the investment aligns with growing demand for solar energy in Thailand’s C&I sector and will support CleanMax in scaling its operations. According to IFC estimates, the market for C&I solar in Thailand could triple over the next decade, driven by cost competitiveness and the shift toward clean energy solutions.
The project supports Thailand’s energy transition goals while offering businesses more sustainable and cost-effective energy options.
(Source: ET EnergyWorld)
