Emirates Development Bank ("EDB" or "the Bank"), announced a landmark AED 100 million financing agreement with Yellow Door Energy (“YDE”), to support the development and operation of more than 60 solar photovoltaic (PV) plants across the UAE.
EDB is the key financial engine of economic development and industrial advancement in the UAE while YDE is the leading sustainable energy partner for businesses in the MEA region.
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.
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By empowering these industry leaders to shift to renewable energy, EDB and YDE are setting a powerful example of driving the energy transition and sustainable growth in the region.
His Excellency 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.
“By backing the expansion of the UAE’s solar power infrastructure, our financing will empower more businesses to transition to clean energy sources, reducing their carbon footprint.
“This partnership reflects EDB’s commitment to financing sustainable growth and driving economic diversification in line with national development priorities. This is also a powerful example of how public-private partnerships can drive economic impact and meaningful progress towards national net-zero goals.”
Jeremy Crane, Group CEO of Yellow Door Energy stated: “This landmark collaboration with Emirates Development Bank significantly enhances Yellow Door Energy's sustainable financing capabilities. This partnership enables us to rapidly deploy capital and expand our solar portfolio in the UAE.
“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.”
The collaboration between EDB and YDE aligns with the UAE's Net Zero ambitions and the UAE Energy Strategy 2050, which prioritizes the diversification of energy sources.
By combining EDB's financial expertise and commitment to sustainability with YDE's proven track record in delivering sustainable energy solutions, this partnership seeks to empower private sector companies to drive national economic growth and diversification by shifting their operation to solar power.
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.