The Global Climate Partnership Fund (GCPF) is set to invest $10 million in India’s solar solutions provider CleanMax to enable its expansion into Southeast Asia, with Thailand as its first market.
GCPF had last week announced the closure of the transaction and said that of the total facility size of $10 million, $5 million is already committed. It added that CleanMax has engaged off-takers including a 3.5 megawatt (MW) rooftop solar plant for a leading multi-billion dollar conglomerate.
“Corporates are quickly adopting renewables sourcing at scale to achieve the twin benefits of cost savings and carbon footprint reduction. We are excited to be partnering with a reputed global financer in the Global Climate Partnership Fund to expand our offerings,” said Nikunj Ghodawat, CFO of CleanMax.
According to the joint press release, for CleanMax, Thailand is a good opportunity as it has a large commercial and industrial (C&I) base and a mostly untapped C&I solar market. The consumers there are generally charged the highest grid electricity tariffs, thus they are expected to be the biggest adopters of decentralised solar solutions in the next few years as a cheaper alternative.
For GCPF it supports the development of the C&I sector in the region, where local commercial bank financing is typically not yet available for similar projects, it added.