The National Bank of Fujairah (NBF), a UAE-based commercial bank, has agreed to provide a long-term credit facility to Indian solar developer CleanMax Solar.

The credit facility will support CleanMax to refinance rooftop solar projects in the country.

It will support 48 operational rooftop solar assets across industrial facilities, malls, schools and universities.

The alliance between NBF and CleanMax is expected to help the UAE to meet its energy strategy target of 50% clean energy in its energy mix by 2050.

CleanMax founder and managing director, Kuldeep Jain said: “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.”

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NBF CEO Vince Cook 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.

“With their vast experience and established portfolio in decentralised 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.”

In February this year, Indian cement manufacturer JK Cement signed a power purchase agreement (PPA) with CleanMax to supply 6.42MW of clean energy to power its Muddapur factory in Karnataka.

Clean energy from CleanMax’s wind and solar farm in Jagalur will be supplied for a period of 25 years. The tariff is claimed to be 50% lower than that of a traditional distribution company (DISCOM).