Emerge, a partnership formed by Masdar and the EDF Group, along with Emirates Development Bank (EDB), which serves as the primary financial vehicle for economic diversification and industrial transformation in the UAE, has entered into an agreement to investigate collaborative opportunities for the development and funding of distributed solar projects in the UAE.
According to the memorandum of understanding, Emerge will locate and propose potential funding opportunities for renewable energy initiatives, which EDB will assess and investigate possible customized financing solutions, as stated in the announcement.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, stated: "Clean energy serves as a significant industrial catalyst for the UAE, and solar power presents a distinct opportunity for manufacturers, logistics companies, and SMEs to reduce expenses, enhance resilience, and maintain global competitiveness. Through this collaboration with Emerge, we are concentrating on tangible solutions that merge technical capabilities with innovative, adaptable financing that speeds up implementation. This is an exciting framework that aids the UAE's energy transition while bolstering the foundations of industrial advancement."
Mohamed Jameel Al Ramahi, CEO of Masdar, stated: "Emerge and EDB are united in their dedication to advancing the UAE’s energy transition, as well as assisting businesses in the commercial and industrial sectors to meet their clean energy targets. Emerge’s adaptable and customer-focused model allows companies to concentrate on their primary operations while lowering operational expenses, and this collaboration with EDB will facilitate access to the funding required to achieve their sustainability aims. We anticipate collaborating more closely with EDB to unlock clean energy opportunities for businesses in the UAE."
Luc Koechlin, CEO of EDF Group in the Middle East, stated: "The Memorandum of Understanding between Emerge and EDB signifies a mutual goal to enhance collaboration on infrastructure that underpins the commercial and industrial ventures of the future. By merging Emerge’s expertise in developing innovative solutions with EDB’s financial backing, we intend to facilitate and advance significant clean energy initiatives—contributing not only to the country’s sustainability goals but also to its resilience and efficiency."
Emerge was established in 2021 to create distributed solar systems, battery storage, off-grid solar, and hybrid solutions for clients in the commercial and industrial sectors. The company presently provides clean energy to over 40 sites in the GCC region, including commercial, industrial, educational, and hospitality establishments.