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EDB provides USD 27m for Yellow Door Energy's UAE solar projects
Emirates Development Bank (EDB) has entered into a AED-100-million (USD 27.2m/EUR 25.7m) financing agreement with Yellow Door Energy (YDE) to back the development and operation of over 60 solar photovoltaic (PV) projects across the UAE.
YDE is a UAE-based company providing solar energy to commercial and industrial businesses in the Middle East and Africa. The financing, announced last week, will enable it to expand its portfolio of solar systems by offering large industrial players in the UAE long-term access to clean electricity.
"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,” said Jeremy Crane, Group CEO of Yellow Door Energy.
YDE counts Actis, the International Finance Corporation (IFC), Mitsui & Co Ltd, and The Arab Energy Fund (TAEF) as its shareholders.
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