CleanMax Secures $27 Million Financing from HSBC for UAE Solar Projects

Key Takeaways

CleanMax secures USD 27 million from HSBC to finance solar projects in the UAE.
The funding will support 92 solar assets with a total capacity of 69 MWp across various facilities.
The initiative aims to help commercial and industrial clients achieve their sustainability goals.

CleanMax Secures Funding for Solar Projects in UAE

Home-grown renewable energy company CleanMax announced it will raise USD 27 million through a long-term credit facility from HSBC to develop and finance its solar projects in the United Arab Emirates (UAE). This funding will play a crucial role in supporting the installation of 92 on-site solar assets situated in diverse locations, including industrial facilities, malls, schools, and universities throughout the region.

The financial arrangement includes an option for an additional USD 10 million, intended to provide flexibility for further funding if needed. The total capacity of the solar projects is expected to reach 69 megawatts peak (MWp), underscoring the company’s commitment to increasing renewable energy usage.

Kuldeep Jain, Managing Director of CleanMax, emphasized that this financing enhances the company’s ability to offer competitive energy tariffs to commercial and industrial (C&I) clients. He highlighted the importance of tailored green energy solutions in assisting corporates meet their sustainability targets. Jain stated, “The transition to a net-zero…requires a coalition of renewable energy providers, financiers, and industries working together toward a common goal.”

Founded in Mumbai, CleanMax is established as a leading player in the renewable energy sector within Asia, boasting 2 gigawatts (GW) of operating renewable assets. The company has significantly expanded its footprint to the Middle East and Southeast Asia, demonstrating its commitment to promoting sustainable energy practices and supporting clients in their quest for greener energy alternatives.

With rising global awareness of climate change and the urgency for sustainable practices, CleanMax’s initiatives come at a critical time. This collaboration with HSBC also reinforces the growing financial support for renewable energy projects, reflecting a broader trend towards green financing.

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