UAE-based National Bank of Fujairah (NBF) has announced giving a long-term credit facility to CleanMax, an Indian renewable energy company, to refinance its rooftop solar portfolio in the United Arab Emirates (UAE).
The partnership will likely cover around 48 operational rooftop assets in industrial facilities, malls, schools, and universities. As per its Energy Strategy, UAE has already planned to achieve a 50% share of renewable energy in its total energy mix by the end of 2050.
NBF said that the partnership aligned with their broader sustainability goals, including their continued commitment to expanding their portfolio in clean energy.
“Facilities in this industry require long–term, tailor-made solutions, and we are proud to have developed a structure that works for both CleanMax and us. With their vast experience and established portfolio in decentralized renewables, we are confident that this project will provide a new benchmark in the market and contribute to the UAE’s COP28 ambitions and clean energy strategy,” Vince Cook, CEO of NBF, said in a statement.
Clean Max meanwhile said that the facility would accelerate the growth of the rooftop solar portfolio of the firm in the UAE.
“I think it highlights their ability to lead the way in financing clean energy in the region. Ours is a very capital-intensive business, and participation by local banks is critical to the industry’s long-term success. I know a lot of hard work went into getting this first phase over the line within the NBF system. Still, we now have a workable template which should make expanding the relationship quite easy,” CleanMax Founder and Managing Director Kuldeep Jain said.