IFC Backs CleanMax’s Expansion of Solar in Thailand

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cleanmax Powers Thailand’s Green Energy Future with IFC Partnership

Bangkok,Thailand – Renewable energy leader cleanmax is set to significantly expand its footprint in thailand’s burgeoning clean energy sector,fueled by a strategic partnership with the International Finance Corporation (IFC). This collaboration aims to drive the adoption of accessible green energy across key industries and bolster the nation’s transition to a more diversified energy mix.

Mr. kuldeep Jain, Managing Director of CleanMax, expressed enthusiasm for the expanded presence, stating, “CleanMax aims to expand clean and accessible green energy across key sectors by establishing further presence in Thailand. 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.”

the partnership is poised to capitalize on Thailand’s strong momentum in commercial and industrial (C&I) solar solutions. Riccardo Puliti, Regional Vice president for Asia and the Pacific at IFC, highlighted the significance of the investment: “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. aligned with government efforts, this project will enhance competitiveness in the distributed generation segment and expand renewable energy solutions for the country.”

as Thailand actively seeks to diversify its energy sources,the industrial sector’s increasing power demands are a key driver for on-site solar adoption. These solutions are increasingly offering more competitive tariffs compared to traditional grid power. The IFC forecasts a substantial growth trajectory for the C&I solar market in Thailand, anticipating it could triple in size over the next decade.

This latest investment deepens an existing relationship between IFC and CleanMax. IFC was an early institutional investor in CleanMax (CMES), with an equity investment exceeding $10 million in 2017, alongside global private equity firm warburg Pincus. This continued commitment underscores IFC’s dedication to scaling vital energy solutions across emerging markets.

About IFC
IFC, a member of the World Bank Group, stands as the largest global development institution focused on the private sector in emerging markets. Operating in over 100 countries, IFC utilizes its capital, expertise, and influence to foster market creation and opportunities in developing economies. In fiscal year 2024, IFC committed $56 billion to private companies and financial institutions, leveraging private sector solutions and mobilizing private capital to pursue a world free of poverty on a livable planet. More information is available at www.ifc.org.

About Clean Max Enviro Energy Solutions Pvt. Ltd. (CleanMax)
CleanMax is a preeminent Indian renewable energy company specializing in the C&I sector. As of March 31, 2025, the company manages an operational capacity of 2.2 GW of renewable assets across India,the Middle East,and South-East Asia,driven by a highly skilled professional team. Backed by Brookfield,CleanMax is committed to being the preferred sustainability and net-zero partner for corporations. Thier complete offerings include rooftop solar projects, solar farms, wind farms, and wind-solar hybrid farms, complemented by renewable energy certificates. Serving over 500 distinct corporate clients as of March 31, 2025, CleanMax empowers companies across diverse industries such as Data Centres, Textiles, Automotive, Chemicals, FMCG, Pharma, and Manufacturing to accelerate their transition to clean energy and achieve their net-zero objectives.

How dose IFC’s investment in CleanMax align with Thailand’s Power Progress Plan (PDP)?

Driving Renewable Energy Growth in Southeast Asia

The International Finance Corporation (IFC), a member of the World Bank Group, has significantly bolstered CleanMax’s ambitions in Thailand’s burgeoning renewable energy sector. This strategic investment underscores a growing global trend towards lasting power solutions and highlights Thailand’s increasing attractiveness as a hub for solar energy development. The partnership focuses on expanding cleanmax’s portfolio of open access solar power projects in Thailand, catering too the contry’s rising electricity demand and commitment to reducing its carbon footprint.

The IFC’s Role and Investment Details

IFC’s support isn’t merely financial; it’s a comprehensive package designed to facilitate CleanMax’s growth. The investment includes:

Equity Investment: A substantial equity stake in CleanMax Thailand, providing capital for project development and expansion.

Debt Financing: Arranging debt financing to supplement the equity investment, ensuring sufficient funds for project construction and operation.

Expertise & Guidance: Leveraging IFC’s extensive experience in the renewable energy sector, offering guidance on project structuring, risk management, and environmental & social governance (ESG) best practices.

This collaboration is particularly noteworthy as it aligns with Thailand’s Power Development Plan (PDP), which aims to increase the share of renewable energy in the country’s power mix. The investment is expected to contribute significantly to Thailand’s renewable energy targets.

CleanMax’s Expansion Strategy in Thailand

CleanMax, a leading sustainable energy solutions provider in India and increasingly in Southeast Asia, is focusing on developing open access solar projects in Thailand. This model allows businesses to directly procure renewable energy from CleanMax, bypassing the traditional utility grid and benefiting from cost savings and reduced emissions.

Key elements of CleanMax’s strategy include:

1. Strategic Land Acquisition: Securing suitable land parcels with high solar irradiance for project development.
2. Power Purchase Agreements (PPAs): Negotiating long-term PPAs with corporate customers seeking reliable and affordable renewable energy.
3. Grid Connectivity: Establishing robust grid connections to ensure seamless power delivery to customers.
4. Technological Innovation: Utilizing advanced solar technologies, including bifacial panels and tracking systems, to maximize energy generation.

Benefits of increased Solar Capacity in Thailand

The expansion of solar power in Thailand, facilitated by the IFC-CleanMax partnership, offers a multitude of benefits:

Reduced Carbon Emissions: Decreasing reliance on fossil fuels and lowering greenhouse gas emissions, contributing to Thailand’s climate change mitigation efforts.

Energy security: Diversifying thailand’s energy sources and reducing dependence on imported fuels.

Economic Growth: Creating jobs in the renewable energy sector and stimulating economic activity in local communities.

Lower Electricity Costs: Providing businesses with access to competitively priced renewable energy, reducing their operating expenses.

Improved Air Quality: Reducing air pollution associated with fossil fuel power plants, improving public health.

Thailand’s Renewable Energy Landscape: A Growing Market

Thailand has demonstrated a strong commitment to renewable energy, driven by government policies and increasing environmental awareness. The country’s favorable geographical location – abundant sunshine throughout the year – makes it ideally suited for solar power generation.

Recent developments include:

Auctions for Renewable Energy Projects: The Thai government has been conducting auctions to procure renewable energy capacity, attracting both domestic and international investors.

Feed-in Tariffs (FiTs): While phasing out, previous FiT schemes played a crucial role in incentivizing early adoption of renewable energy technologies.

Net Metering: Allowing consumers to generate their own electricity from renewable sources and sell excess power back to the grid.

Corporate PPAs: The growing demand for corporate PPAs is driving the development of new renewable energy projects.

IFC’s Commitment to Sustainable Development in Thailand

this investment in CleanMax is part of IFC’s broader strategy to promote sustainable development in Thailand. IFC has a long track record of supporting projects in various sectors, including renewable energy, infrastructure, and financial services.

IFC’s focus areas in Thailand include:

Climate Change: Investing in projects that reduce greenhouse gas emissions and promote climate resilience.

Infrastructure Development: Supporting the development of essential infrastructure, such as roads, ports, and power plants.

Financial Inclusion: expanding access to financial services for underserved populations.

Private Sector Development: Promoting the growth of the private sector and