CleanMax, a leading renewable energy company in Asia, has secured a long-term credit facility of AED 99 million (USD 27 million) from HSBC to fund its solar energy projects in the UAE. The financing will support 92 solar installations at industrial facilities, malls, schools, and universities. An additional uncommitted accordion of AED 37 million (USD 10 million) is also available for future projects, supporting the UAE’s Net Zero 2050 vision.
Kuldeep Jain, Managing Director of CleanMax, called the funding a major milestone for the company’s expansion in the Middle East. He said the financing will help CleanMax offer competitive energy tariffs to commercial and industrial clients, aiding their sustainability efforts. Jain stressed that achieving a net-zero economy requires collaboration between renewable energy providers, financiers, and industries.
Khalid Alkadi, Head of International Subsidiary Banking at HSBC Middle East, North Africa, and Turkey, said the deal strengthens HSBC’s partnership with CleanMax and supports the UAE’s leadership in the global Net Zero transition. He added that the projects align with the UAE’s strategy to attract international investments in green infrastructure.
Sustainability projects often need significant upfront investments and long-term planning. As global renewable energy investments grow, partnerships like this show how financial institutions and green energy providers can work together to meet climate goals and decarbonize the economy.
CleanMax is a key player in the Commercial and Industrial (C&I) renewable energy sector in Asia. With 2 GW of operating renewable assets, the company has a strong presence in India, the Middle East, and Southeast Asia. Backed by Brookfield, a global alternative asset manager, CleanMax pioneered the “Energy Sale” model for rooftop solar in India and is a trusted partner for corporations aiming for net-zero emissions.
The company serves over 550 corporate clients in industries like data centers, textiles, automotive, chemicals, FMCG, pharmaceuticals, and manufacturing. CleanMax provides renewable energy solutions, including rooftop solar, solar farms, wind farms, and hybrid installations. Through long-term power purchase agreements, the company offers competitive rates compared to conventional grid tariffs. CleanMax has received several awards, including the 2018 Transformational Business Awards by the Financial Times and IFC, and the 2024 Great Indian Sustainable Performance Award for its work in advancing Net Zero initiatives in India.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London and operates in 60 countries and territories. With assets totaling US$3,099 billion as of September 2024, HSBC is one of the world’s largest banking and financial services organizations.
This financing deal highlights the growing momentum behind renewable energy projects in the UAE and the critical role of collaboration in achieving global sustainability goals.
