ECI will provide SkyPower with hybrid trade credit insurance, export finance guarantees, project finance guarantees and investment protection solutions to help SkyPower accelerate its global growth plan designed to tackle the climate crisis growing
Etihad Credit Insurance (ECI), the United Arab Emirates’ federal export credit company, has entered into a strategic sustainable development partnership with SkyPower to strengthen the country’s commitment to the United Nations Sustainable Development Goals (SDGs) .
The ECI-SkyPower sustainable development strategic partnership was signed on Tuesday morning by Massimo Falcioni, CEO of Etihad Credit Insurance, and Kerry Adler, CEO of SkyPower Global Group of Companies, at the Canadian pavilion at Expo 2020 Dubai.
As part of this partnership, ECI will provide trade credit insurance, export finance guarantees as well as investment protection solutions, and both sides will focus on strategic sector projects such as renewable energy, sustainably powered data centers, water treatment and other projects of national interest. SkyPower is one of the largest developers and owners of large-scale solar energy (PV) projects in the world.
ECI’s contribution to the growth of the energy sector and sustainable development is in line with the UAE’s 2050 energy strategy, which aims to allocate more than 600 billion dirhams to achieve its goal of increasing the contribution. clean energy sources in the total capacity mix to 50 percent by 2050 – 44% of these resources will come from renewables and 6% from nuclear. The strategy aims to reduce the carbon footprint of electricity production by 70%, saving 700 billion dirhams by 2050.
“The United Arab Emirates is very committed to the vision set out by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to implement the Sustainable Development Goals of the UN, and the country has played a critical role in supporting any company with the technology and capabilities to achieve a net zero emissions mission, ”said Massimo Falcioni, CEO of Etihad Credit Insurance, upon signing the partnership.
He explained that, as part of the UAE 2050 Energy Strategy, ECI has actively participated in several projects aimed at strengthening the country’s position as a global leader in creating sustainable cities and reducing the footprint. carbon. Collaboration with SkyPower is an important step in achieving sustainable development as dictated by the United Nations and the leaders of the United Arab Emirates.
“By supporting one of the leading companies in the field of renewable energies, we are delighted to participate in the construction of a less polluted, more habitable and much healthier world,” he said. “The energy transition to net zero emissions has no cost; we are here to make sure that the appropriate insurance and financial requirements are in place so that all projects provide access to energy at a very favorable cost. It is very important for us to make sure that sustainable energy is “sustainable” not only for the climate but also for people, which is why we are here to keep costs as low as possible for the company that supplies. this energy. “
“It’s no secret that the climate is in crisis,” added Kerry Adler, CEO of SkyPower Global Group of Companies. “This partnership will help us deliver essential and needed electrical power to the people who most deserve it. The most critical factor in achieving the quintessential energy transition to renewable energies is the ability to access finance and financial instruments that accelerate the speed at which the deployment of renewable energies like solar can be carried out. .
Adler revealed that SkyPower is setting up an office in the United Arab Emirates, from where it will serve the MENASA region. “We plan to expand our operations over the next two years to focus on communities that are at the bottom of the electricity ladder. This includes countries in Africa, as well as South and Southeast Asia. Today we have over 20 GW of solar projects and this partnership with ECI will help us expand faster and accelerate growth to meet renewable energy demands in a sustainable manner.
ECI has been involved in several programs aimed at achieving sustainability goals over the years. In January of this year, ECI partnered with Masdar to support investments in renewable energy projects aimed at reducing carbon emissions. The deal involves exploring the establishment of political and business risk insurance solutions to improve bankability and attract cheaper capital to Masdar’s renewable energy projects at local and local levels. global.
Another major project demonstrating ECI’s sustainability vision is its collaboration with Emirates Waste to Energy Company – a joint venture between Bee’ah and Masdar, to develop the UAE’s first solar landfill project in Sharjah to promote renewable energy production capacity of the emirate. It incorporates technology to generate energy from waste, making it affordable and accessible for developing countries. Through various ventures like these, ECI strives to support the vision of UAE leaders to create sustainable communities that will present a better and peaceful world for the next generation.