CleanMax Secures Rs 2,300 Mn Financing For Onsite Solar Projects In UAE
A long-term credit facility from HSBC will fund 92 solar assets and support UAE’s Net Zero 2050 goals
CleanMax, a renewable energy provider in Asia for the Commercial and Industrial (C&I) sector and a Brookfield-backed company, has announced a major step forward in its Middle East expansion. The company has secured a long-term credit facility of Rs 2,300 million (USD 27 million) from HSBC to finance the development of its onsite solar portfolio in the UAE. This funding will support the installation of 92 solar assets across various industrial facilities, malls, schools, and universities.
The financing arrangement includes an uncommitted accordion of Rs 925 million (USD 10 million) to fund future solar projects, aligning with the UAE’s Net Zero 2050 Strategy. The initiative aims to accelerate CleanMax’s ability to offer competitive energy tariffs to C&I clients while driving sustainability goals in the region.
Kuldeep Jain, Managing Director of CleanMax, emphasized the significance of this financing, stating, “This financing facility is a significant milestone for CleanMax and its growth strategy in the Middle East. It enhances our ability to offer tailor-made green energy solutions, helping corporates drive their sustainability goals and transition towards a net-zero global economy.”
Khalid Alkadi, Head of International Subsidiary Banking at HSBC Middle East, North Africa, and Turkey, commented on the partnership, stating, “This financing is a further step in our partnership to support CleanMax’s international growth journey. The development of these solar projects underscores the UAE’s leadership in the Net Zero transition and highlights its appeal as a destination for international investment in green infrastructure.”
The partnership between CleanMax and HSBC represents a crucial collaboration between renewable energy providers and financiers, helping to drive significant progress toward global climate commitments and a decarbonized future.
