IFC Invests $45 Million in CleanMax Thailand to Boost Industrial Solar Capacity

In a move aimed at expanding access to reliable and affordable clean energy for industrial users, 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).

This marks IFC’s first debt investment in a renewable energy developer in Thailand exclusively focused on the Commercial and Industrial (C&I) solar segment. The financing will support the development of 35 MWp of new solar projects, refinance 41 MWp of operating capacity, and help scale up Thailand’s distributed solar generation footprint for industrial clients.

Backed by global asset manager Brookfield, CleanMax is a leading net-zero energy solutions provider for commercial and industrial sectors in India and expanding across 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 of 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, emphasized the alignment of the investment with Thailand’s national goals. “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,” he said.

As Thailand transitions toward a more diversified energy mix, industrial demand continues to drive the adoption of on-site solar systems, which offer more cost-effective tariffs compared to grid electricity. IFC projects that the market for C&I solar in Thailand could triple within the next decade, reflecting the sector’s growth potential.

This investment builds upon IFC’s longstanding relationship with CleanMax. In 2017, IFC became one of the first institutional investors in CleanMax with over $10 million in equity, joining Warburg Pincus in supporting the company’s early-stage growth.

The latest funding highlights IFC’s commitment to scaling clean energy technologies across emerging markets while supporting private sector-led solutions to meet rising power demand sustainably.