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19 Apr 2023

Stephenson Harwood advises National Bank of Fujairah on solar deal

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Law firm Stephenson Harwood LLP 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 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 partnership between National Bank of Fujairah and CleanMax represents a significant milestone in financing clean energy in the region," said Nijoe Joseph, partner, Stephenson Harwood. "As a firm, we have notable expertise in relation to decarbonisation projects, including financings, and so were well-placed to support our long-standing client on this important sustainable finance deal."

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, who was supported by associates Chinar Zaidi, Murtaza Hussain, and paralegal Shwini Dsouza.

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