Emerge, a joint venture between Masdar and the EDF Group, and Emirates Development Bank (EDB), the UAE’s key financial engine for economic diversification and industrial transformation, have signed an agreement to explore areas of collaboration in developing and financing distributed solar projects in the UAE.

 

Under the memorandum of understanding, Emerge will identify and present potential financing opportunities for renewable energy projects, which EDB will evaluate and explore possible tailored financing solutions, said a statement.

 

Ahmed Mohamed Al Naqbi, CEO, Emirates Development Bank, said: "Clean energy is one of the UAE’s biggest industrial enablers, and solar offers a clear opportunity for manufacturers, logistics operators, and SMEs to lower costs, improve resilience, and stay globally competitive. Through this partnership with Emerge, we’re focusing on practical solutions that combine technical capability with the kind of smart, flexible financing that accelerates execution. It’s an exciting model that supports the UAE’s energy transition while strengthening the foundations of industrial growth."

 

Mohamed Jameel Al Ramahi, CEO, Masdar, said: "Emerge and EDB share a common commitment to supporting the UAE’s energy transformation, and to helping companies in the commercial and industrial sector to achieve their own clean energy objectives. Emerge’s flexible and client-centric approach enables companies to focus on their core business while reducing operational costs and this partnership with EDB will help provide access to the financing needed to deliver on their sustainability goals. We look forward to working more closely with EDB on unlocking clean energy opportunities for UAE companies."

 

Luc Koechlin, CEO Middle East, EDF Group, said: "The MoU between Emerge and EDB reflects the shared ambition to strengthening collaboration on infrastructure that supports the C&I business of tomorrow. By combining Emerge’s expertise in delivering innovative solutions with EDB’s financial support, we aim to enable and expand impactful clean energy projects—contributing not only to the nation’s sustainability objectives but also to the resilience and efficiency."

 

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company currently supplies clean electricity to more than 40 commercial, industrial, educational and hospitality sites across the GCC region. - TradeArabia News Service