On the previous day, the Bank OAE signed an agreement with Yellow Door Energy for financing in the amount of 100 million dirhams, a leading partner in the field of sustainable energy in the Middle East and Africa, to support the development and operation of more than 60 solar photovoltaic plants across the country.
This financing contributes to the expansion of Yellow Door Energy's solar energy project portfolio and enhances its ability to lease solar plants through long-term lease agreements with the option of signing specially developed energy purchase agreements, aimed at satisfying the needs of industrial and commercial consumers.
According to this strategic partnership, Yellow Door Energy will lease these plants to several large companies in OAE to ensure a long-term source of clean energy, significantly reduce energy costs and enhance the use of renewable energy sources in the country.
Allowing these leading companies to continue moving forward, Bank OAE and Yellow Door Energy provide a practical example of leadership in the transition to renewable energy and sustainable growth in the region.
Ahmad Mohammed Al-Nakbi, the Executive Director of Bank OAE, stated: "Our strategic partnership with Yellow Door Energy represents a new achievement in the bank's efforts to strengthen the price of renewable energy in OAE and expedite the national path towards climate neutrality."
Al-Nakbi added: "By supporting the expansion of solar infrastructure in the country, the bank's financing will enable a greater number of companies to transition to clean energy sources and reduce their carbon footprint."
Expressing his thoughts on the partnership, the Executive Director of Yellow Door Energy, Jeremy Krein, stated: "This strategic partnership with Bank OAE strengthens our capabilities in sustainable financing, allowing us to effectively utilize capital and expand our solar energy projects in OAE."
