CleanMax, a Brookfield-supported renewable energy provider, has secured USD 27 million in long-term credit from HSBC [1] to fund and develop 92 onsite solar assets in the UAE. These projects will be implemented across various industrial sites, malls, schools, and universities.
The financial agreement includes an additional uncommitted AED 37 million (USD 10 million) to support future projects in line with the UAE’s Net Zero 2050 Strategy. This development improves CleanMax’s ability to provide competitive energy tariffs to Commercial & Industrial (C&I) clients.
It showcases its dedication to offering customized green energy solutions to help businesses achieve their sustainability goals.
Kuldeep Jain, Managing Director of CleanMax, commented, “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. It reflects our commitment to provide tailor-made green energy solutions to help corporates drive their sustainability goals.”
Khalid Alkadi, Head of International Subsidiary Banking at HSBC Middle East, North Africa, and Turkiye, noted, “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.”
This project aligns with ongoing global investment efforts in renewable energy and international climate commitments. CleanMax’s solar initiatives will contribute to the UAE’s Net Zero 2050 Strategy, fostering sustainable development and reducing carbon emissions.
Sources:
[1] CleanMax secures AED 99 million HSBC credit for UAE solar projects https://energy.economictimes.indiatimes.com/news/renewable/cleanmax-secures-aed-99-million-hsbc-credit-for-uae-solar-projects/117451347