The funding supports 92 solar assets across key sectors, aligning with the UAE’s Net Zero 2050 Strategy and paving the way for sustainable growth.
CleanMax, a renewable energy provider in Asia’s Commercial and Industrial (C&I) sector and backed by Brookfield, has announced a significant milestone in its Middle East expansion. The company has secured a long-term credit facility worth AED 99 million (USD 27 million) from HSBC to develop and finance its onsite solar portfolio in the UAE.
This funding will support 92 onsite solar assets, strategically located across industrial facilities, malls, schools, and universities. Additionally, the financing arrangement includes an uncommitted accordion of AED 37 million (USD 10 million) for future projects, aligning with the UAE’s ambitious Net Zero 2050 Strategy.
A Step Forward for CleanMax and the Middle East
Kuldeep Jain, Managing Director of CleanMax, emphasized the importance of this financing deal, stating, “This facility is a significant milestone for CleanMax and its growth strategy in the Middle East region. It enables us to offer competitive energy tariffs to C&I clients while supporting their sustainability goals. Achieving a low-carbon future requires collaboration among renewable energy providers, financiers, and industries.”
HSBC’s Commitment to Green Energy
Khalid Alkadi, Head of International Subsidiary Banking at HSBC Middle East, North Africa, and Türkiye, highlighted the strategic importance of the collaboration, noting, “This financing is another step in our partnership with CleanMax. The development of these solar projects reinforces the UAE’s leadership in the Net Zero transition and attracts international investment in green infrastructure.”
Paving the Way for a Sustainable Future
The transition to renewable energy requires significant investment and long-term planning. Collaborations like the one between CleanMax and HSBC demonstrate how financial institutions and green energy providers can join forces to support global climate goals and decarbonization.
As the UAE advances its sustainability initiatives, partnerships of this nature serve as a benchmark for international investment in renewable energy and highlight the critical role of green infrastructure in achieving a net-zero future.