CleanMax, a Brookfield-backed Indian renewable energy provider, operates across India, the Middle East, and Southeast Asia. This marks IFC’s first debt investment in a Thai developer focused solely on the C&I solar sector—a growing market segment critical to the country’s decarbonization goals.
“CleanMax aims to expand clean and accessible green energy across key sectors by establishing further presence in Thailand,” said Kuldeep Jain, Managing Director of CleanMax.
“IFC’s financing will help CleanMax expand its operations in line with market demand,” added Riccardo Puliti, Regional Vice President for Asia and the Pacific at IFC.
Thailand’s 2024–2040 Power Development Plan (PDP) and Alternative Energy Development Plan (AEDP) aim to increase renewable energy’s share to 36–51% by 2037, with rooftop solar and distributed generation central to this vision. The C&I sector, with its rising electricity demand, plays a vital role in this transition.
IFC’s investment comes as Thailand advances key reforms to support clean energy development:
Thailand’s rooftop solar market is particularly attractive due to lower tariffs compared to the national grid. According to IFC, the Thai C&I solar market could triple over the next decade.
IFC has a longstanding relationship with CleanMax, having first invested over $10 million in equity in 2017 alongside Warburg Pincus. That initial support helped CleanMax scale operations across Asia. As of March 2025, CleanMax manages 2.2 GW of renewable assets and serves more than 500 corporate customers in sectors such as manufacturing, textiles, data centers, automotive, and pharma.
This latest investment strengthens that relationship while supporting Thailand’s clean energy goals. It also sends a strong market signal that international development institutions view Thailand’s C&I solar sector as financially and environmentally viable.
The project is expected to:
CleanMax will implement the project in compliance with IFC’s environmental and social performance standards, which include labor practices, waste management, and community safety protocols.
