CleanMax has secured funding for refinancing its rooftop solar portfolio in the UAE.
The company secured a long-term credit facility by the National Bank of Fujairah (NBF).
It has been informed that the facility will cover “48 different operational rooftop solar assets, located in industrial facilities, malls, schools, and universities.”
According to the company, the new partnership is a significant step and will help meet the goals of UAE’s Energy Strategy. To be noted, UAE aims to achieve 50 percent clean energy in the energy mix by 2050.
Vince Cook, CEO of NBF, was quoted in a statement, “We are delighted to announce our partnership with CleanMax, in line with our broader sustainability goals, including our continued commitment to expanding our portfolio in clean energy. Facilities in this industry require long–term, tailor-made solutions, and we are proud to have developed a structure that works for both CleanMax and us. “
The duo has expected that the project could “provide a new benchmark in the market and contribute to the UAE’s COP28 ambitions and clean energy strategy.”
Meanwhile, Kuldeep Jain, CleanMax Founder and Managing Director, commented, "This facility will further accelerate the growth of our rooftop solar portfolio in the UAE, and we want to thank the NBF team for their efforts in making this possible.”