New partnership represents significant step towards meeting the UAE’s Energy Strategy 2050 goals
Dubai – 10 April 2023 — The National Bank of Fujairah (NBF) announces that it has provided a long-term credit facility to CleanMax for refinancing its rooftop solar portfolio in the UAE. The facility will cover 48 different operational rooftop solar assets, located on industrial facilities, malls, schools and universities.
Locally available bank finance is critical to the growth of any rooftop solar market. This new partnership between NBF and CleanMax therefore represents a significant step towards meeting the goals of UAE’s Energy Strategy, which aims to have 50% clean energy in the energy mix by 2050.
Vince Cook, CEO of NBF, said “We are delighted to announce our partnership with CleanMax, in line with our broader sustainability goals, including our continued commitment to expand 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. With their vast experience and established portfolio in decentralized renewables, we are confident that this project will provide a new benchmark in the market and contribute to the UAE’s COP28 ambitions and clean energy strategy.”
CleanMax Founder and Managing Director, Kuldeep Jain, added “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. I think it highlights their ability to lead the way in financing clean energy in the region. Ours is a very capital intensive business, and participation by local banks is really quite critical to the long term success of the industry. I know a lot of hard work went into getting this first phase over the line within the NBF system, but we now have a workable template which should make expanding the relationship quite easy.”
