Cleanmax TH (IFC-48136)

Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Cleanmax Energy (Thailand) Co. Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 52.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 15, 2025

Disclosed by Bank Oct 28, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed IFC investment is to support Cleanmax Energy (Thailand) Co. Ltd (“CMTH”) a wholly owned subsidiary of Clean Max Enviro Energy Solutions Pvt. Ltd. (“CMES”), on the development of 72 MW of rooftop solar plants in Thailand supplying power to commercial and industrial (C&I) clients through long term power purchase agreements (PPA).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Key E&S risks and impacts related to the project include: (a) Sponsor’s corporate and project level E&S management and monitoring systems capacity to manage E&S risks and impacts arising out of developing and operating rooftop solar projects; (b) assurance of fair, safe and healthy labor working conditions in compliance to applicable host country regulations and PS2 requirements including key risks such as occupational health and safety (OHS), workers engaged by third parties and solar supply chain; (c) resource efficiency measures (d) management of hazardous, e-wastes and non-hazardous wastes; (e) on-site emergency preparedness and response; and (f) community safety risks including project infrastructure, equipment design & roof safety; and materials transport.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project is expected to cost US$52 million which will be financed by (i) IFC A Loan of up to US$45 million and (ii) equity for the remaining balance.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Cleanmax Energy (Thailand) Co. Ltd (“CMTH”) is a wholly owned subsidiary of Clean Max Enviro Energy Solutions Pvt. Ltd. (“CMES”).

Founded in 2011, Clean Max Enviro Energy Solutions Pvt. Ltd. (“CMES”) is a leading Indian renewable energy (RE) solutions provider with an RE portfolio (ground mounted-solar, rooftop solar and onshore wind) of 1.7 GW across India, UAE, Bahrain and Thailand. Over 90% of the assets under management are tied up with the clients having a domestic rating of A and above, or subsidiaries of multinational companies, or government owned entities. CMES is backed by several reputable investors including Brookfield, Augment Infrastructure and IFU.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Cleanmax Energy (Thailand) Co. Ltd Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Cleanmax Energy (Thailand) Company Limited
Harsh Dash
Chief Executive Officer
+66 (0) 98 468 2376
harsh.dash@cleanmax.com
Unit A, 16th Floor, Phaholyothin Road, Chom Phon, Chatuchak, Bangkok 10900
www.cleanmax.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works