CleanMax Secures $27 Million Boost for UAE Solar Expansion

CleanMax, a renewable energy firm, has secured $27 million from HSBC to bolster its solar project portfolio in the UAE. The funding will support the development of on-site solar assets across various sectors. CleanMax aims to further its mission of providing sustainable energy solutions.

Renewable energy company CleanMax announced it has secured a USD 27 million investment from HSBC to advance its solar project initiatives in the UAE. The funding is set to develop 92 on-site solar assets at locations including industrial facilities, malls, and educational institutions.

HSBC's long-term credit facility, equating to AED 99 million, will enable CleanMax to expand its solar operations, with a provision for an additional USD 10 million if needed. This initiative represents a critical step in supporting the UAE's transition to sustainable energy sources.

CleanMax Managing Director Kuldeep Jain emphasized the importance of collaborative efforts among energy providers, financiers, and industries in achieving net-zero emissions. CleanMax has a notable presence in Asia and the Middle East, with 2 GW of renewable energy assets currently under operation.

(With inputs from agencies.)