National Bank of Fujairah (NBF) announced on Wednesday the signing of a multi-million-dirham facility agreement with Yellow Door Energy, a Dubai-based sustainable energy company.

The facility will refinance 31 operational [distributed] solar power plants with a total capacity of 39 megawatts (MW) in the UAE, the entities said in a joint statement.

The value of the facility was not disclosed.

Vince Cook, Chief Executive Officer of NBF, said the bank continues to support businesses in their ESG endeavors and contributes to the UAE’s COP28 ambitions and clean energy strategy.

Last year, Yellow Door Energy announced the successful completion of a $400 million capital top-up to continue developing sustainable energy projects in the Middle East, Africa and beyond. 

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Dubai-based companies sign pact for Bahrain's largest private solar plant

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)