Emirates Development Bank (EDB) has announced a significant AED 100 million financing agreement with Yellow Door Energy (YDE), a leading sustainable energy partner in the MEA region, to develop and operate over 60 solar photovoltaic (PV) plants across the UAE.
This collaboration aims to enhance YDE's solar power portfolio and facilitate the leasing of solar plants through Power Purchase Agreements (PPAs) tailored for industrial and commercial businesses.
The agreement allows major UAE industrial players to access long-term, clean electricity, offering substantial energy cost savings while promoting sustainability. EDB’s investment supports the nation's renewable energy goals, empowering businesses to transition to solar power and reduce their carbon footprint.
Ahmed Mohamed Al Naqbi, CEO of EDB, emphasized that this partnership aligns with the UAE’s net-zero ambitions.
"Our collaboration with YDE is a crucial step in enhancing the UAE’s renewable energy infrastructure and accelerating its transition to clean energy,"
Al Naqbi said.
"This partnership demonstrates how public-private collaborations can drive sustainable growth and contribute to the country’s economic diversification and national development priorities."
Jeremy Crane, CEO of Yellow Door Energy, expressed pride in the partnership, highlighting its role in rapidly expanding solar energy deployment in the UAE.
"This agreement strengthens our sustainable financing capabilities and allows us to support businesses in achieving their sustainability and Net Zero goals,"
Crane stated.
This initiative marks a pivotal moment in the UAE’s energy transition, driving progress toward sustainable economic growth and a cleaner future.
News Source: Emirates News Agency
