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India-based renewable energy provider CleanMax has secured 99 million UAE dirhams ($27 million) long-term credit facility from HSBC Middle East to develop and finance its onsite solar portfolio in the UAE.
The facility will cover 92 onsite solar assets within industrial facilities, malls, schools and universities, the company said in a statement on Wednesday.
The financing also provides an optional AED 37 million for the development of future projects, in line with UAE’s Net Zero 2050 strategy.
Canada’s Brookfield-backed CleanMax operates in the commercial and industrial (C&I) sector, with 2 gigawatts (GW) of operating assets across India, the Middle East, and South-East Asia.
In April 2023, the company had secured a long-term credit facility from UAE-based National Bank of Fujairah (NBF) covering 48 different operational rooftop solar assets.
(Writing by P Deol; Editing by Anoop Menon)
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