EDF and Masdar JV Partners with UAE Bank to Drive Distributed Solar Projects

Emerge, a joint venture between UAE-based renewables developer Masdar and French electric utility EDF Group, is set to bring Emirates Development Bank (EDB) on board as a partner in implementing distributed solar projects across the UAE.

The parties have signed a memorandum of understanding (MoU) under which Emerge will identify and present potential financing opportunities for renewable energy projects, while EDB will evaluate and explore possible tailored financing solutions.

“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,” said Ahmed Mohamed Al Naqbi, chief executive of EDB.

Set up in 2021, Emerge develops distributed solar, battery storage, off-grid solar, and hybrid solutions for commercial and industrial (C&I) clients. It offers a turnkey solution through agreements with no up-front payments required. The company supplies clean electricity to more than 40 commercial, industrial, educational, and hospitality sites across the Gulf Cooperation Council (GCC) region.

Earlier this year, the joint venture secured an order for up to 3.4 MWp of rooftop solar panels for several sites of shopping mall and hotel developer Alandalus Property Company in Saudi Arabia.