The International Finance Corporation (IFC) has said it would invest THB 1,476 million (approximately USD 45 million) in CleanMax Energy (Thailand) Company Limited, a subsidiary of Clean Max Enviro Energy Solutions Private Limited (CMES) located in India. The IFC CleanMax Thailand solar investment marks a huge step towards making sustainable energy more accessible to businesses in Southeast Asia. This historic deal highlights how private capital is becoming increasingly crucial for creating renewable energy infrastructure in emerging markets.Â
This is the first time IFC has provided funding to Thailand specifically for a project focused solely on the Commercial and Industrial (C&I) solar sector. The IFC CleanMax Thailand solar investment targets a fast-growing area as businesses seek ways to generate affordable, environmentally friendly power instead of relying solely on the grid.
The funding will support a capacity of 76 MWp, significantly boosting the availability of solar energy solutions for on-site and remote applications. This will reduce fossil fuel use and lower energy costs for Thailand’s industrial sector.
Mr. Kuldeep Jain, Managing Director of CleanMax, emphasized the strategic nature of this collaboration: “CleanMax aims to expand clean and accessible green energy across key sectors by establishing a stronger presence in Thailand. Through our partnership with IFC, we aim to build a sizeable portfolio, attract commercial lenders, and contribute meaningfully to renewable energy growth in the country.”
Backed by Brookfield, a global asset management firm, CleanMax is a leading player in the Indian subcontinent’s renewable energy landscape. Its entry into Thailand aligns with a broader strategy to expand clean power use in Asia-Pacific’s industrial hubs.
Riccardo Puliti, IFC’s Regional Vice President for Asia and the Pacific, echoed the importance of the initiative: “Building on the momentum for commercial and industrial solar in Thailand, IFC’s financing will help CleanMax expand its operations in line with market demand. Aligned with government efforts, this project will enhance competitiveness in the distributed generation segment and expand renewable energy solutions for the country.”
Thailand’s energy system is undergoing a major shift, focusing on decarbonization and energy source diversification. Many industrial clients are turning to on-site solar systems that offer not only lower carbon footprints but also cheaper energy rates than the national grid.
IFC estimates that Thailand’s C&I solar market could triple over the next decade due to improved policies, growing demand, and technological advancements. The IFC CleanMax Thailand solar investment plays a crucial role in advancing national goals such as the Power Development Plan (PDP) and the Paris Agreement targets.
IFC and CleanMax have a history of collaboration. In 2017, IFC and Warburg Pincus jointly invested over $10 million in CMES. This new financing reinforces IFC’s long-term commitment to scaling sustainable, bankable, and industry-oriented energy solutions in emerging economies.
CleanMax’s move into Thailand reflects a broader push by Indian clean energy firms to expand in regions with industrial strength and renewable energy goals. With support from institutional investors like IFC, such firms are well-positioned to revolutionize how industries access and finance energy—supporting both national development and global climate goals.
The IFC CleanMax Thailand solar investment exemplifies how public-private partnerships and international renewable energy funding can support a sustainable energy transition for Thailand—benefiting industries, communities, and the environment alike.