Project highlights the opportunities for third-party financing available for UAE businesses in energy services contracting · Retrofit will help Novotel Fujairah hotel save approximately 12% on its electricity bill and offset 500 tons of CO2
Dubai, UAE – Yellow Door Energy, a Dubai-based firm that invests in and operates distributed solar and energy efficiency assets, has announced a new investment in the Energy Services industry by financing the retrofit of Novotel Fujairah hotel based on the recommendations of EcoVis Engineering, a leading regional provider of ecological engineering designs. Yellow Door Energy said this first shared-savings contract will pave the way for future investments in energy efficiency in Dubai and Jordan.
The retrofit of the hotel consists of improvements to its heating, ventilation and air conditioning system along with the implementation of a waste water recovery system. The project will help Novotel Fujairah hotel save approximately 12% on its electricity bill and offset 500 tons of CO2. The work will be completed in less than three months with no interruption to the hotel’s service.
“Reducing our collective environmental impact is critical for preserving the planet for future generations. Through projects like this, we are proving that industrial growth and development can go hand-in-hand with environmental care,” said Jeremy Crane, CEO of Yellow Door Energy. “We see this ESCO project as a great step to complement our solar leasing offer, and we look forward to participating in more such shared-service agreements that will accelerate the region’s transition to a low-carbon future.”
“Identifying energy inefficiencies for customers and leveraging our energy efficiency and management expertise to recommend tailored solutions aimed to eliminate said inefficiencies and save customers money is a pleasure”, said Ahmed Al Mashaari, CEO of Ecovis. “Partnering with Yellow Door Energy empowers us to provide our services, purchase, install, and maintain the equipment with no upfront cost to our customers, who then benefit from substantial savings from their water, electric, gas, and diesel bills from day one.
Yellow Door Energy is helping several countries in the region achieve their national renewable energy generation and carbon reduction targets. Dubai has set ambitious targets to improve the efficiency of energy use in the emirate, aiming for a 30% improvement by 2030. By working with Yellow Door Energy, ESCOs – or Energy Service Companies – can deliver significant energy savings to businesses and local authorities with no upfront investment in a short time period.
The distinctive feature of ESCOs is that they offer “performance contracting” – i.e., they assume the risk of delivering the energy saving measures they propose to a client. This model can serve as a powerful tool for companies that have identified energy saving opportunities but lack the financial resources to implement the projects.
EcoVis, the ESCO for the Novotel Fujairah retrofit, is an Abu Dhabi-based company that has provided engineering consultancy services to dozens of organizations in the UAE, including hotels, factories and government buildings.