CleanMax refinances UAE roof solar portfolio with local bank

• CleanMax, an Asian renewables programmer for commercial and also commercial (C&I) customers, has refinanced its roof solar portfolio in the United Arab Emirates (UAE), with a lasting credit facility from the National Bank of Fujairah (NBF).

NBF's loan will cover 48 operational roof solar assets, set up on commercial facilities, malls, schools as well as universities, the UAE company bank said on Monday. Fujairah is one of the emirates that make up the UAE.

CleanMax expects the debt facility to accelerate growth of the business's roof solar portfolio in the UAE. "Ours is a really capital extensive company, and also participation by regional banks is really quite important to the long-term success of the sector," CleanMax founder and taking care of director Kuldeep Jain said as well as added that the deal gives a theme for expanding the connection.

CleanMax states it has a 70-MWp solar portfolio in the UAE, while its assets throughout the Middle East, India and South East Asia surpass 1 GW.

The new partnership sustains the UAE's objective of 50% clean energy in the energy mix by 2050, according to the statement.