Emerge And Emirates Development Bank Partner To Develop Solar Projects In The UAE

Emerge, a collaboration between Masdar and the EDF Group, has partnered with Emirates Development Bank (EDB) to explore solar project opportunities in the UAE. This agreement focuses on identifying and financing distributed solar projects. Emerge will pinpoint potential projects, while EDB will assess and develop suitable financing solutions.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, highlighted the importance of clean energy for the UAE's industrial growth. He stated that solar energy offers manufacturers and SMEs a chance to reduce costs and enhance competitiveness. The partnership with Emerge aims to combine technical expertise with flexible financing to support the UAE's energy transition.

Mohamed Jameel Al Ramahi, CEO of Masdar, emphasised the shared commitment of Emerge and EDB to support the UAE's energy transformation. He noted that Emerge's approach allows companies to focus on their core operations while cutting costs. This collaboration will provide necessary financing for companies to meet sustainability goals.

Luc Koechlin, CEO Middle East at EDF Group, expressed that the Memorandum of Understanding (MoU) between Emerge and EDB signifies a joint ambition to enhance infrastructure supporting future commercial and industrial businesses. By merging Emerge's innovative solutions with EDB's financial backing, they aim to advance impactful clean energy projects.

The partnership is expected to contribute significantly not only to national sustainability goals but also to improving resilience and efficiency in business operations. This aligns with broader objectives for sustainable development within the UAE.

Supporting Business Growth

Through strategic support and tailored financing solutions, Emirates Development Bank continues to drive innovation and foster business growth in the renewable energy sector. As the UAE progresses towards a sustainable energy future, EDB remains dedicated to empowering businesses and entrepreneurs.

The bank's commitment ensures long-term success for the country's renewable energy initiatives as it strives toward achieving its Net Zero ambitions. This partnership represents a significant step in supporting these national objectives.

With inputs from WAM