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The National Bank of Fujairah (NBF) announced on Monday that it has provided a long-term credit facility to C&I renewable energy developer 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.
Vince Cook, CEO of NBF, said: “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.”
CleanMax Founder and Managing Director, Kuldeep Jain, added: 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."
In the UAE, CleanMax has a portfolio of 70-megawatt peak (MWp) in solar projects for corporate, institutional and governmental clients.
(Writing by SA Kader; Editing by Anoop Menon)
