CleanMax, a prominent renewable energy company in Asia, has secured a long-term credit facility of AED 99 million (USD 27 million) from HSBC to fund the development of its onsite solar energy projects in the UAE. The financing will support 92 solar installations across various locations, including industrial facilities, malls, schools, and universities. Additionally, an uncommitted accordion of AED 37 million (USD 10 million) is available to support future projects, aligning with the UAE’s Net Zero 2050 vision.
Kuldeep Jain, Managing Director of CleanMax, expressed that this funding represents a significant milestone for the company’s growth in the Middle East. He highlighted how the financing would enable CleanMax to offer competitive energy tariffs to commercial and industrial clients, contributing to their sustainability goals. Jain emphasized that the transition to a net-zero economy is a shared responsibility, requiring collaboration between renewable energy providers, financiers, and industries.
Khalid Alkadi, Head of International Subsidiary Banking at HSBC Middle East, North Africa, and Turkey, noted that the financing further strengthens HSBC’s partnership with CleanMax and supports the UAE’s leadership in the global Net Zero transition. He also pointed out that the project developments are part of the UAE’s strategy to attract international investments in green infrastructure.
Sustainability initiatives often require substantial upfront investments and long-term planning. As global renewable energy investments rise, partnerships like this demonstrate how financial institutions and green energy providers can collectively contribute to the global climate commitments and the decarbonization of the economy.
CleanMax is a leading renewable energy provider in the Commercial and Industrial (C&I) sector across Asia. With 2 GW of operating renewable assets, CleanMax has built 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 remains a trusted partner for corporations aiming for net-zero emissions.
Serving over 550 corporate clients across industries such as data centers, textiles, automotive, chemicals, FMCG, pharmaceuticals, and manufacturing, CleanMax offers comprehensive renewable energy solutions, including rooftop solar, solar farms, wind farms, and hybrid installations. The company helps its clients transition to clean energy through long-term power purchase agreements, offering rates more competitive than conventional grid tariffs. CleanMax has earned several prestigious recognitions, including the 2018 Transformational Business Awards by the Financial Times and IFC, and the 2024 Great Indian Sustainable Performance Award for its role in driving Net Zero initiatives in India.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London and operates across 60 countries and territories worldwide. With assets totaling US$3,099 billion as of September 2024, HSBC ranks among the world’s largest banking and financial services organizations.
HSBC is the leading international banking organization in the Middle East, North Africa, and Turkey (MENAT), with a presence in nine countries: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey, and the UAE. In Saudi Arabia, HSBC is a major shareholder in Saudi Awwal Bank and HSBC Saudi Arabia, focusing on investment banking in the Kingdom.
