23.1 C
Dubai
Tuesday, November 5, 2024
spot_img

Emirates Development Bank offers solar energy financing

Emirates Development Bank (EDB) launches a pioneering Solar Energy Finance Program, targeting micro, small, and medium enterprises (mSMEs) across the UAE. The program allocates AED100 million to boost green energy adoption, particularly in solar energy projects.

It aims to remove cost barriers hindering sustainable practices and offers convenient application processes for medium- and long-term loans and working capital of up to AED5 million.

This initiative supports various sectors, including technology providers, equipment suppliers, energy consumers, and other sustainable energy ventures.

EDB’s CEO, Ahmed Mohamed Al Naqbi, emphasized the importance of transitioning to clean energy solutions in the context of COP28 and aims to encourage businesses to adopt sustainable energy practices.

EDB’s program offers favorable terms, including up to 8-year tenor loans for structured finance projects, 100 percent Loan-to-Value (LTV) ratio, and financing for the full appraised value of assets.

It also supports CAPEX finance for solar panels and other renewable energy sources, promoting larger-scale clean energy projects. Additionally, approved solar panel contractors can access finance through EDB’s receivable finance solution, aiding cash flow management while awaiting customer payments.

EDB’s renewable energy financing aligns with government priorities and its mission to provide AED30 billion in financing support to 13,500 companies in its priority sectors by 2026.

Next Article

Related Articles

ADNOC Unveils Cutting-Edge AI Program: Transforming Efficiency and Innovation in Energy

ADNOC unveiling of its AI program marks a significant step forward in the digital transformation of the energy industry. Abu Dhabi National Oil Company (ADNOC)...

ADIPEC 2024 Unites Global Leaders in Abu Dhabi to Shape a Sustainable Energy Revolution

ADIPEC 2024 Ignites a Bold Vision for UAE’s Sustainable Energy Future: Global Leaders Unite in Abu Dhabi to Drive Innovation and Shape a Greener...

From Vision to Reality How Harshit Aggarwal’s Novamax Industries is Redefining Cooling Solutions

In the fast-evolving world of startups, where passion meets perseverance, Harshit Aggarwal has carved out an impressive path with Novamax Industries LLP. Founded in...

The Journey of Berrylush: A Story of Passion, Perseverance, and Purpose

In 2018, Berrylush was born from the shared vision of two IIM graduates, AnushaChandrashekar and Alok Paul, who saw a glaring gap in the...

TicketRoot Revolutionizing Event Management with Tech-Driven Solutions

In the dynamic landscape of event management, TicketRoot has emerged as a leading platform, streamlining the entire process for organizers—from ticketing to on-site logistics....

Latest Articles