IFC and CleanMax Boost Thailand's Solar Capacity with $45M Investment

The International Finance Corporation (IFC) has joined forces with CleanMax, a renowned Indian renewable energy company, to invest USD 45 million in its Thai subsidiary. This strategic initiative is designed to advance and refinance clean energy projects in Thailand.

This substantial funding will pave the way for the development of a 35 megawatt-peak (MWp) greenfield solar capacity. Additionally, it will refinance 41 MWp of operating solar projects in Thailand, expanding the Nation's commercial and industrial (C&I) solar capacity. It also aims to bolster India's solar infrastructure.

In a joint statement released on Wednesday, Clean Max Enviro Energy Solutions Private Limited (CleanMax) highlighted the significance of this investment, stating that it represents a pivotal step in Thailand's renewable energy landscape. Backed by Brookfield, CleanMax stands as a leading renewable energy solution provider, playing a crucial role in the C&I sector. With IFC, a World Bank Group member focused on private sector development in emerging markets, this collaboration underscores a commitment to expanding solar solutions in Asia.

(With inputs from agencies.)