Law firm Stephenson Harwood has advised the National Bank of Fujairah, a United Arab Emirates-based commercial bank, on a long-term credit facility to CleanMax. The funds will be used to refinance CleanMax’s rooftop solar portfolio in the United Arab Emirates (UAE).
CleanMax is one of Asia’s largest commercial and industrial renewable energy developer, with assets over 1GW across the Middle East, India and South East Asia. In the UAE, CleanMax has a portfolio of 70MW in solar projects for corporate, institutional and governmental clients. Specifically, this facility will cover 48 different operational rooftop solar assets, located on industrial facilities, shopping centres, schools and universities.
This deal is a significant step towards meeting the goals of UAE’s COP28 ambitions and Clean Energy Strategy, which aims to have 50% clean energy in the energy mix by 2050.
The Stephenson Harwood team was led by partner Nijoe Joseph (pictured), who was supported by associates Chinar Zaidi, Murtaza Hussain, and paralegal Shwini Dsouza.