Bank ABC in deal to fund Majid Al Futtaim solar power projects
DUBAI, December 13, 2023
Bank ABC, Mena’s international banking powerhouse headquartered in the Kingdom of Bahrain, has announced the signing of a financing agreement with Yellow Door Energy, the leading sustainable energy partner for businesses in the Middle East, Africa and beyond.
The signing ceremony was held at the Bank ABC branch at the Dubai International Financial Centre (DIFC).
In line with COP28 UAE’s Climate Finance objectives, the facility will refinance 25 solar PV assets, totaling over 42 megawatts, located on Majid Al Futtaim shopping malls across the UAE, Bahrain, and Oman.
The multi-million-dollar non-recourse long-term financing provides much needed climate finance to support renewable energy in the GCC and advance the just transition.
During the signing ceremony, Ammar Khalil, Senior Executive Officer, Bank ABC in DIFC, said: "We are pleased to partner with Yellow Door Energy to finance this solar PV project, which assists Majid Al Futtaim’s energy transition plans in the region."
"This transaction underscores Bank ABC Group’s commitment to empower clients to lead the transition towards a more sustainable, low carbon economy. At Bank ABC in DIFC, we are focused on arranging and advising financing deals that align with the Group’s ESG priorities and meet our clients’ unique needs," he stated.
Yellow Door Energy CEO Jeremy Crane expressed delight at partnering with Bank ABC to lead the climate finance transition for businesses in the GCC.
"Bank ABC’s capacity to project finance a ground-breaking facility that funds 25 sites across three countries is precedent setting. Yellow Door Energy is a trusted developer and investor for banks focused on green financing in the private sector across the Middle East and Africa," noted Crane.
"Our esteemed customer, Majid Al Futtaim, has demonstrated the importance of climate finance in their business, leading the just transition. Together with all our customers, we are unlocking green financing for leading commercial & industrial-scale businesses with significant energy needs," he added.-TradeArabia News Service
