Bank ABC, Yellow Door Energy ink multi-million-dollar deal

TDT | Manama                                                    

The Daily Tribune – www.newsofbahrain.com

Bank ABC yesterday announced the signing of a financing agreement with Yellow Door Energy, a leading sustainable energy partner for businesses in the Middle East, Africa, and beyond, 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.

Ammar Khalil, Senior Executive Officer, Bank ABC in DIFC, remarked: “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.

We thank Yellow Door Energy for this opportunity and wish Majid Al Futtaim a seamless transition.” Jeremy Crane, CEO of Yellow Door Energy, said, “Together with all our customers, we are unlocking green financing for leading commercial and industrial-scale businesses with significant energy needs.”

According to S&P Global Ratings, the issuance of Green, Social, Sustainable and Sustainability-linked Bonds (GSSSB) is forecast to reach between US$900 billion and US$1 trillion in 2023, an increase of 5–17%, respectively. As COP28 concludes in the UAE this month, climate finance has been recognised as a pivotal cross-cutting theme that is intertwined with Climate Transition & Adaptation.