CleanMax announced this week that it will obtain AED 99 million ($27 million) long-term credit facility from HSBC to develop and finance its onsite solar portfolio in the United Arab Emirates (UAE). The facility will cover its 92 onsite solar assets, located on industrial facilities, malls, schools and universities. The financing arrangement also provides an uncommitted accordion facility of AED 37 million ($10 million) for development of CleanMax’ future projects, in alignment with UAE’s Net Zero 2050 Strategy.
“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,” said Kuldeep Jain, managing director of CleanMax.
Khalid Alkadi, head of International Subsidiary Banking, HSBC Middle East, North Africa and Turkey (MENAT), 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.”
CleanMax is one of Asia’s leading renewable energy companies in the C&I sector with 2 GW of operating renewable assets. It is backed by Brookfield, a global alternative asset manager with over $1 trillion of assets under management.
HSBC is the largest international banking organisation in the Middle East, North Africa and Turkey (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.
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