The International Finance Corporation (IFC) has made its first-ever debt investment in a renewable energy developer in Thailand, injecting THB 1,476 million (approx. US $45 million) into CleanMax Energy (Thailand) — a subsidiary of India’s Clean Max Enviro Energy Solutions Pvt. Ltd. (“CleanMax”)
🔋 Key Investment Highlights
- Develop 35 MWp of new greenfield solar capacity
- Refinance 41 MWp of existing operating solar projects
Strengthen Thailand’s C&I solar sector, offering lower tariffs for industrial businesses
🧭 Strategic Rationale
- This move underscores IFC’s mission to scale clean energy access via private sector-led investment in emerging markets.
Supported by global investment firm Brookfield, CleanMax is one of India’s leading net-zero energy solution providers for the Commercial & Industrial (C&I) sector
💬 Leadership Perspectives
Kuldeep Jain, Managing Director of CleanMax, stated:
“We aim to scale green energy across key industrial sectors in Thailand and attract finance from commercial lenders.”
Riccardo Puliti, Regional Vice President for Asia & Pacific at IFC, added:
“This project aligns with Thailand’s energy diversification and boosts competitiveness in distributed solar generation.”
📈 Market Outlook
- Thailand’s industrial power demand is propelling the adoption of on-site solar installations that are more economical than grid electricity.
IFC projects that Thailand’s C&I solar market could triple over the coming decade
🔗 Background & Global Reach
- IFC first invested in CleanMax in 2017, with a $10 million equity contribution alongside Warburg Pincus.
This new capital builds on that longstanding relationship and emphasizes IFC’s continued support for sustainable energy growth in Southeast Asia
📋 Summary of Key Terms
Item | Detail |
Investor | International Finance Corporation (IFC) |
Partner | CleanMax Energy (Thailand) |
Investment Amount | THB 1,476 million (≈ US $45 million) |
Greenfield Capacity | 35 MWp |
Refinanced Capacity | 41 MWp |
Target Sector | Thailand’s Commercial & Industrial Solar |
Strategic Goal | Scale distributed solar for industrial users |
🌱 Bottom Line
The IFC-CleanMax partnership marks a pivotal step toward scaling clean, cost-effective solar energy for industrial users in Thailand. By combining IFC’s global financing expertise with CleanMax’s operational strength, this initiative promises to accelerate the transition to renewables in the Southeast Asian commercial market — potentially tripling the C&I solar sector in the next decade.
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SOURCES : TN GLOBLE
