Etihad Credit Insurance, SkyPower sign sustainability partnership

Dubai - ECI will provide SkyPower hybrid trade credit insurance, export finance guarantees, project finance guarantees and investment protection solutions to support SkyPower in accelerating its global growth plan architected to address the growing climate crisis

Etihad Credit Insurance (ECI), the UAE Federal export credit company, has entered into a strategic sustainability partnership with SkyPower to reinforce the country’s commitment to the United Nations’ sustainable development goals (SDGs).

The ECI-SkyPower strategic sustainability 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 Pavillion at Expo 2020 Dubai.

Under the partnership, ECI will provide trade credit insurance, export finance guarantees as well as investment protection solutions, and both parties will focus on strategic sector projects such as renewable energy, sustainably powered data centres, water treatment and other projects of national interest. SkyPower is one of the largest developers and owners of utility-scale solar (PV) energy projects in the world.

ECI’s contribution to the growth of the energy and sustainability sector is in line with the UAE’s Energy Strategy 2050, which aims to allocate over Dh600 billion to achieve its goal of increasing the contribution of clean energy sources in the total capacity mix to 50 per cent by 2050 – 44 per cent of this will be from renewables and six per cent from nuclear. The strategy aims to reduce the carbon footprint of power generation by 70 per cent, saving Dh700 billion by 2050.

“The UAE is highly committed to the vision set by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to implement the UN’s sustainable development goals, and the country has been pivotal in supporting any company that has the technology and capability towards a mission of net zero emissions,” Massimo Falcioni, CEO of Etihad Credit Insurance, said at the signing of the partnership.

He explained that, in relation to UAE’s Energy Strategy 2050, ECI has been actively involved in several projects to reinforce the country’s position as a global leader in creating sustainable cities and reducing the carbon footprint. The collaboration with SkyPower is an important step in achieving sustainable development as dictated by the United Nations and the UAE leadership.

“By supporting one of the leading firms in renewable energy, we are delighted to be a part of building a world which is less polluted, more habitable and much healthier,” he said. “Energy transition towards net zero emissions doesn’t come at a cost; we are here in order to ensure that the proper insurance and financial needs are in place so that all the projects will deliver access to energy at a very convinient cost. It is very important for us to make sure that sustainable energy is ‘sustainable’, not only for the climate but also for the people, which is why we are here to reduce the cost as much as possible for the company delivering that energy.”

“It is no secret that the climate is in crisis,” added Kerry Adler, CEO of SkyPower Global Group of Companies. “This partnership will help us bring critical necessary electric power to people that deserve it the most. The most critical factor in achieving the quintessential energy transition to renewables, is the ability to access financing and financial instruments that provide the capacity to accelerate the speed in which deployment of renewables like solar can be made.”

Adler revealed that SkyPower is setting up an office in the UAE, from where it will serve the MENASA region. “We plan on expansing our operations over the next couple of years to focus on communities that are at the lowerst rung of the electricity ladder. This includes countries in Africa, as well as in South and South East Asia. Today, we have over 20GW of solar projects and this partnership with ECI will help us to expand faster and accelerate the growth to meet the demands of renewable energy in a sustainable manner.”

ECI has been involved in multiple programs aimed to achieve sustainability goals over the years. In January this year, ECI partnered with Masdar in order to support investment in renewable projects that aim to reduce carbon emissions. The agreement entails the exploration for establishing political and commercial risk insurance solutions to improve bankability and attract cheaper capital to Masdar’s renewables projects locally and globally.

Another major project demonstrating ECI’s sustainability development 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 the emirate’s renewable energy generation capacity. It incorporates technology to generate energy from waste, making it affordable and accessible for developing nations. Through various undertakings like these, ECI strives to support the UAE leaders’ vision of creating sustainable communities that will present a better and peaceful world for the future generation.

rohma@khaleejtimes.com