The International Finance Corporation ( IFC ), the private investment arm of the World Bank, is investing 1.48 billion baht ( US$45 million ) in CleanMax Energy ( Thailand ), a subsidiary of Clean Max Enviro Energy Solutions, to expand access to reliable energy and make clean power more affordable for industrial businesses. Backed by Brookfield, CleanMax is an Indian renewable energy and net-zero solutions provider for the commercial and industrial ( C&I ) sector.

The deal, announced on July 30, represents the IFC’s first debt investment in a renewable energy developer in Thailand focused exclusively on the C&I sector. The funding will support the development of 35 megawatt-peak ( MWp ) greenfield solar capacity, refinance 41MWp of operating solar projects and increase the country’s C&I solar capacity.

As Thailand moves toward a more diversified energy mix, the industrial sector and its growing power demand continue to drive the adoption of on-site solar solutions that offer lower tariffs than the grid. The IFC estimates the market for C&I solar in Thailand could triple over the next 10 years.

The IFC was one of the first institutional investors in Clean Max Enviro Energy Solutions with a more than US$10 million equity investment in 2017 alongside Warburg Pincus, a global private equity firm. This latest investment builds on that partnership, emphasizing the IFC’s commitment to scaling energy solutions across emerging markets.

CleanMax – one of the leading Indian renewable energy companies in the C&I sector, with 2.2 gigawatts of renewable assets spread across India, the Middle East and Southeast Asia – provides diverse solutions, including rooftop solar projects, solar farms, wind farms and wind-solar hybrid farms to its customers, and has further expanded its portfolio to include renewable energy certificates.

The company, says Kuldeep Jain, its managing director, aims to expand clean and accessible green energy across key sectors by establishing further presence in Thailand. “Through our partnership with the IFC,” Jain explains, “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.”

Riccardo Puliti, the IFC’s regional vice-president for Asia-Pacific, adds that its financing will help CleanMax expands its operations in line with market demand as it builds on the momentum for C&I solar in Thailand. “Aligned with government efforts,” he notes, “this project will enhance competitiveness in the distributed generation segment and expand renewable energy solutions for the country.”