CleanMax Secures AED 99 Million from HSBC to Expand UAE Onsite Solar Portfolio

Published: Feb 14, 2025 17:26

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CleanMax Secures AECleanMax, a leading renewable energy provider for the Commercial and Industrial (C&I) sector in Asia and a Brookfield-backed company, has secured a long-term credit facility of AED 99 million (USD 27 million) from HSBC to develop and finance its onsite solar portfolio in the UAE. D 99 Million from HSBC to Expand UAE Onsite Solar Portfolio

CleanMax, a leading renewable energy provider for the Commercial and Industrial (C&I) sector in Asia and a Brookfield-backed company, has secured a long-term credit facility of AED 99 million (USD 27 million) from HSBC to develop and finance its onsite solar portfolio in the UAE. The facility will support 92 onsite solar projects across industrial facilities, malls, schools, and universities. Additionally, the financing arrangement includes an uncommitted accordion of AED 37 million (USD 10 million) to fund future projects in line with the UAE’s Net Zero 2050 Strategy.

Kuldeep Jain, Managing Director of CleanMax said that the financing facility is a significant milestone for CleanMax and its growth strategy in the MiddleEast region. It enhances CleanMax's ability to offer competitive energy tariffs to Commercial & Industrial (‘C&I’) clients and reflects their commitment to to provide tailor made green energy solutions to help corporates in driving their sustainability goals.

Khalid Alkadi, Head of International Subsidiary Banking, HSBC Middle East, North Africa and Turkiye said that the financing further supports CleanMax's international expansion and highlights the UAE's leadership in the regional net-zero emissions transition and its attractiveness as a destination for green infrastructure investment.

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