Abu Dhabi's Zero Two in largest single purchase of Ewec's CECs

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Abu Dhabi's Zero Two in largest single purchase of Ewec's CECs

May 23, 2023 1:31 PM

Emirates Water and Electricity Company (Ewec) a leading company in the integrated coordination of planning purchasing and supply of water and electricity across the UAE and Zero Two a leading digital assets...

Emirates Water and Electricity Company (Ewec), a leading company in the integrated coordination of planning, purchasing, and supply of water and electricity across the UAE, and Zero Two, a leading digital assets infrastructure development company based in Abu Dhabi, have jointly announced the largest single purchase of Clean Energy Certificates (CECs) to date, covering 7.3 million megawatt hours of clean energy.

The CECs were purchased through Ewec’s auction process and represent not only the largest ever single CECs purchase to date but also the first in the digital assets infrastructure sector.

Under the purchase agreement, Ewec will provide Zero Two with clean energy certificates to decarbonise its operations and support the company’s progress against sustainability objectives.

"Our clean energy transaction with Zero Two provides Ewec with a unique opportunity to further accelerate the country’s energy transition and decarbonisation of industries in line with the UAE Net Zero by 2050 strategic initiative," stated Ewec CEO Othman Al Ali after signing the purchase agreement with Zero Two CEO Ahmed Al Hameli.

"The first-of-its-kind transaction in the digital assets infrastructure sector, which also constitutes the largest ever single CECs purchase to date, demonstrates both Ewec’s and Zero Two’s commitment to supporting the nation’s sustainability and environmental agenda and is an example of the practical and tangible steps UAE entities can take to decarbonise their operations and address the pressing challenge of climate change," he added.

Al Hameli said the purchase of Ewec's CECs demonstrates the group's dedication to sustainability and commitment to decarbonising our digital assets infrastructure.

"Operating our assets with clean energy enables us to support Abu Dhabi’s transformation into a sustainable economic powerhouse while also contributing to the UAE’s long-term vision of a net zero future," he noted.

Zero Two collaborates with leading entities in the energy and utilities sector, digital assets sector as well as some government institutions. The company aims to lead the growth of the digital assets and Web3 ecosystem in Abu Dhabi and the region by investing in and adopting cutting-edge technologies.

Francois Brice, Fuel & Commercial Executive Director at Ewec, said: "We are proud to be supplying Zero Two with clean energy, enabling them to achieve their sustainability objectives by supporting the decarbonisation of their digital asset infrastructure."

"The CEC scheme is enabling organisations from a variety of sectors and industries to actively contribute to a sustainable future, and we encourage other entities across the UAE to participate in our upcoming auctions," he added.-TradeArabia News Service

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