EDB launches solar energy financing programme for SMEs

EDB launches solar energy financing programme for SMEs

Image courtesy: WAM

UAE’s Emirates Development Bank (EDB) has unveiled a solar energy finance programme to support local micro, small, and medium enterprises (mSMEs) across diverse sectors.

The initiative will allocate Dhs100m to bolster the adoption of green energy solutions with a focus on solar energy initiatives.

The development bank said the programme seeks to support the shift toward cleaner energy sources by addressing cost barriers that may have hindered the adoption of sustainable practices.

With convenient application processes, the programme offers medium- and long-term loans and working capital of up to Dhs5m particularly directed at solar energy projects.

EDB said this includes support for technology providers, equipment suppliers, energy consumers across various sectors and other related energy endeavours such as hydrogen production and waste management.

“EDB is now offering a competitive source of financing to help UAE companies transition towards clean and sustainable energy solutions. This will reduce dependence on non-renewable sources and address climate change,” said Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank.

“By partnering with key government authorities and approved renewable energy consultants and contractors, we also aim to provide comprehensive support throughout the process.”

Solar energy financing offers up to eight years-long tenor loans for structured finance projects and solar panels,