The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / WAM
DP World and Dubai Carbon Centre of Excellence (DCCE) signed an agreement to use crowdfunding, and innovative Fintech tool, to power the retrofitting of warehouses in Mina Rashid.
The agreement was signed by Nabil Battal, Global HSE Director of DP World, and Ivano Iannelli, CEO, Dubai Carbon, on
Monday at the19th edition of Water, Energy, Technology and Environment Exhibition (WETEX), at Dubai International Convention and Exhibition Centre (DICEC).
Using crowdfunding, UAE residents will be able to invest in a total of 3000 kilowatts of solar energy. In addition, investors will attain a return through the kilowatt hours generated from the project, at an estimated return rate of 40 per cent across a ten year period. Through Crowdfunding, the project aims to install high-efficiency and energy saving utilities in Mina Rashid.
“DP World’s Solar Power Programme has far reaching environmental benefits and we are pleased that various stakeholders are contributing to its continued success including the Dubai Carbon Centre of Excellence (DCCE). We’ve provided four sheds on which to install solar panels and DCCE is taking the project to a crowdfunding platform, allowing a range of investors to finance an important development towards positive economic and societal change.