The Emirates Development Bank (EDB) has signed a financing agreement of $27 million USD with Yellow Door Energy (YDE), a leading sustainable energy partner in the MENA region, to support the development and operation of over 60 solar photovoltaic (PV) plants across the United Arab Emirates.
EDB’s financing will expand YDE’s portfolio of solar PV systems, enhancing its capacity to lease solar power plants through solar leases, also known as power purchase agreements (PPAs) tailored for industrial and commercial enterprises. Under this strategic collaboration, Yellow Door Energy will offer leasing opportunities to major industrial players in the UAE.
These companies will benefit from long-term access to clean electricity, significant energy cost savings, and promotion of sustainable energy usage across the nation.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said: “Our strategic collaboration with Yellow Door Energy marks a new milestone in our mission to enhance the UAE’s renewable energy landscape and accelerate its journey towards a net-zero future.”
Jeremy Crane, Group CEO of Yellow Door Energy stated: “As a company founded and headquartered in the UAE, we deeply value our relationship with the nation’s leading federal bank. Together, we are committed to supporting businesses in reducing their energy costs, enhancing resilience, and achieving their sustainability and Net Zero goals.”
EDB’s plan to provide AED 30 billion in financing to support five priority sectors, including renewables, underlines its crucial role in driving economic growth and fostering a more resilient economy.
Since the launch of its strategy in 2021, EDB has provided a cumulative total of AED 12.97 billion in financing, including more than AED 1.78 billion to empower the renewable energy sector, further consolidating its position as a leader in sustainable finance. Seems like the UAE is a hot place to be for financing and developing renewable energy projects.
