Mumbai, 22nd January, 2025: CleanMax, one of Asia's leading renewable energy providers for the Commercial and Industrial (C&I) sector and a Brookfield-backed company, today announced that it will obtain AED 99 Million (USD 27 Million) long term credit facility from HSBC to develop and finance its onsite solar portfolio in the UAE.

The facility will cover 92 onsite solar assets, located on industrial facilities, malls, schools and universities. The financing arrangement also provides an uncommitted accordion of AED 37 Million (USD 10 Million) for development of 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. The transition to a net-zero global economy and achieving a low-carbon future is a shared opportunity. It requires a coalition of renewable energy providers, financiers and industries working together toward a common goal willing to invest in change.” Said, Kuldeep Jain, Managing Director of CleanMax

Khalid Alkadi, Head of International Subsidiary Banking, HSBC Middle East, North Africa and Turkiye 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.”

Setting up sustainability initiatives is a capital-intensive endeavor that requires significant upfront investments and long-term financial planning. As global investments in renewable energy projects continue to rise, collaborations like this set a precedent for how financial institutions and green energy providers can jointly contribute to international climate commitments and a decarbonized economy.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London.

HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.

HSBC Middle East, North Africa and Turkiye

HSBC is the largest and most widely represented 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.

CleanMax Media ContactSonali Charkha
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Zebah Patanwala
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