The Emirates Development Bank (EDB) has agreed to provide AED 100 million ($27 million) in financing to Yellow Door Energy (YDE), a sustainable energy company in the Middle East and Africa. This financing will support the development and operation of over 60 solar photovoltaic (PV) plants across the United Arab Emirates.
With this financial support, YDE plans to expand its solar PV systems, allowing it to offer solar power leases through Power Purchase Agreements (PPAs) to commercial and industrial enterprises in the UAE. These agreements will enable companies to access solar energy without needing to invest in the solar infrastructure themselves, creating opportunities for businesses to lower energy costs and use renewable energy. By shifting to solar energy, these companies will gain access to cleaner electricity and reduced energy expenses.
Emirates Development Bank’s support for Yellow Door Energy is part of its broader mission to foster the UAE’s renewable energy sector. Since launching its new strategy in 2021, EDB has favoured financing projects that promote economic diversification and sustainability. As of now, EDB has provided AED 12.97 billion in financing, with over AED 1.78 billion directed toward renewable energy projects. This funding initiative is also part of EDB’s larger plan to allocate AED 30 billion in financing to five priority sectors, including renewable energy.
Yellow Door Energy, founded and headquartered in the UAE, will use this new financing to expand its solar portfolio. Jeremy Crane, CEO of YDE, stated that “this partnership with EDB would help the company deploy capital to expand solar energy options for businesses in the UAE.” He noted “the role of such collaborations in reducing energy costs and supporting national sustainability goals.”
The cooperation between EDB and YDE contributes to the UAE’s Net Zero ambitions by supporting private sector adoption of renewable energy.
