CleanMax Receives Financing From GCPF for Southeast Asia Expansion

• GCPF has introduced the closure of a deal, which will make it possible for CleanMax to increase its operations right into Southeast Asia, targeting Thailand first.

The Global Climate Partnership Fund (GCPF) has revealed the closure of a purchase, which will certainly enable Indian industrial and commercial (C&I) solar leader CleanMax to expand its operations right into Southeast Asia, targeting Thailand as its very first brand-new market. GCPF is readied to invest USD 10 million in the solar company.

With a total facility dimension of USD 10 million, of which USD 5 million is already dedicated, CleanMax has engaged solid off-takers, including a 3.5 MW roof solar plant for a leading multi-billion dollar empire.

As the greatest C&I solar gamer in India and also the UAE, the firm has finished over 500 jobs with over 150 corporate customers and also has an operating capacity of over 600 MW, with another 200 MW anticipated to be developed over the next 12 months.

Based on the joint press statement, Thailand represents a fantastic opportunity for CleanMax to broaden its footprint right into Southeast Asia, as the country has a big industrial and also industrial base as well as a primarily untapped C&I solar market. And as the C&I customers in Thailand are usually billed the highest grid power tariffs, they are anticipated to be the biggest adopters of decentralized solar services in the following few years as a less expensive option.

Nikunj Ghodawat, CFO of CleanMax said, "Corporates are promptly embracing renewables sourcing at range to achieve the twin benefits of cost savings and also carbon footprint decrease. We are delighted to be partnering with a reputed global sponsor in the Global Climate Partnership Fund with whose assistance we have the ability to broaden our offerings right into the Southeast Asian markets starting with Thailand."

The deal is an excellent suitable for GCPF as it supports the advancement of the C&I industry in the area, where local industrial bank financing is typically not yet offered for similar jobs.

Speaking in behalf of GCPF, Antonia Schaeli, Principal for Climate Finance, discussed "we are delighted to be part of CleanMax's development right into Thailand and also to advertise commercial and also industrial clients' accessibility to renewable resources. Provided its comprehensive track record in India and its inherent expertise of the C&I area, CleanMax is the ideal companion for the distribution of solar options to business clients."