AED 99 million is provided by HSBC to support CleanMax’s solar expansion.
CleanMax has successfully obtained long-term finance from HSBC in the amount of AED 99 million ($27 million) to grow its onsite solar projects throughout the United Arab Emirates (UAE). The construction and management of 92 solar panels, which are positioned thoughtfully on commercial buildings, shopping centers, educational institutions, and universities, will be aided by this funding increase.
Extra Assistance for Upcoming Projects
In keeping with the UAE’s ambitious Net Zero 2050 Strategy, the deal also contains an uncommitted accordion facility worth AED 37 million ($10 million) to finance future CleanMax projects.
A Significant Development in CleanMax’s Middle East Approach
Kuldeep Jain, CleanMax’s managing director, stated, “This financing facility is a significant milestone for CleanMax and our growth in the Middle East.” “It strengthens our capacity to offer Commercial & Industrial (C&I) clients competitive energy tariffs and demonstrates our dedication to providing tailored green energy solutions that assist corporations in reaching their sustainability objectives.”
HSBC Supports the Green Vision of the UAE
The significance of this collaboration was underlined by Khalid Alkadi, Head of International Subsidiary Banking at HSBC MENAT. “This funding represents yet another phase in our efforts to assist CleanMax’s global expansion. These solar installations demonstrate the UAE’s leadership in the Net Zero movement and its allure as a location for investments in green infrastructure.
Concerning CleanMax and HSBC
With 2 GW of operating renewable assets, CleanMax is a leader in renewable energy for the C&I industry in Asia. Brookfield, a global asset management that manages $1 trillion in assets, supports the business.
With operations in nine nations, including the United Arab Emirates, HSBC is the biggest multinational bank in the MENAT area. Its substantial holdings in HSBC Saudi Arabia (51%) and Saudi Awwal Bank (31%) in Saudi Arabia support its involvement in local investment banking and green finance projects.
