Emerge and Emirates Development Bank (EDB) have signed a MoU to collaborate on the development and financing of distributed solar projects in the United Arab Emirates (UAE). Under this agreement, Emerge will identify and present potential renewable energy project financing opportunities, which EDB will review for possible tailored financing solutions.
Emerge is a joint venture between Masdar and EDF Group. It was launched in 2021. The company develops distributed solar, battery storage, off-grid and hybrid systems for commercial and industrial clients in the Gulf region. Additionally, it has a cumulative portfolio of more than 250 MWp, encompassing both operational projects as well as those in pipeline.
In September 2024, EDF Renewables, Korea Western Power, and Masdar achieved financial closure for the 1,500 MW AC Al Ajban Solar Photovoltaic project in Abu Dhabi, securing funding from six banks and signing a 30-year power purchase agreement with Emirates Water and Electricity Company to design, finance, build, and operate the plant.
