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Wednesday, April 24, 2024

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.

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