Renewable energy company CleanMax today announced that it will obtain AED 99 Million (USD 27 Million) long-term credit facility from HSBC to develop and finance its onsite solar portfolio in the UAE. Cleanmax is a renewable energy provider for the Commercial and Industrial (C&I) sector and a Brookfield-backed company.
The facility will cover 92 onsite solar assets, located in industrial facilities, malls, schools and universities. The financing arrangement also provides an uncommitted accordion of AED 37 Million (USD 10 Million) for the development of future projects, in alignment with UAE’s Net Zero 2050 Strategy.
Move To Aid Solar Growth
“This financing facility is a significant milestone for CleanMax and its growth strategy in the Middle East region. It enhances our ability to offer competitive energy tariffs to Commercial & Industrial (‘C&I’) clients and reflects our commitment to provide tailor-made green energy solutions to help corporates in driving their sustainability goals. The transition to a net-zero global economy and achieving a low-carbon future is a shared opportunity. It requires a coalition of renewable energy providers, financiers and industries working together toward a common goal willing to invest in change.” Kuldeep Jain, Managing Director of CleanMax said.
Khalid Alkadi, Head of International Subsidiary Banking, HSBC Middle East, North Africa and Turkiye said, “The financing is a further step in our partnership to support CleanMax’s international growth journey. The development of the solar projects underscores the UAE’s position as a regional pioneer in the Net Zero transition and as a destination for international investment in green infrastructure.”
Long-term financial planning
Setting up sustainability initiatives is a capital-intensive endeavor that requires significant upfront investments and long-term financial planning. As global investments in renewable energy projects continue to rise, collaborations like this set a precedent for how financial institutions and green energy providers can jointly contribute to international climate commitments and a decarbonized economy.
CleanMax is one of Asia’s renewable energy companies in the C& I (Commercial and Industrial) sector with 2 GW of operating renewable assets with their teams spread across India, Middle East, and South-East Asia. CleanMax is a Brookfield-backed company. Brookfield is a leading global alternative asset manager with over $1 trillion of assets under management.
