UAE firm joins efforts with APICORP to develop solar energy
The $50 million in financing by APICORP will first be utilised to build and operate the 79MW projects Yellow Door Energy manages across Jordan.
LONDON : Solar developer Yellow Door Energy (YDE) has joined efforts with the Arab Petroleum Investments Corporation (APICORP), a Saudi Arabia-based multilateral development financial institution, in order to establish solar photovoltaic plants in the region, particularly Jordan and Pakistan.
Founded in 2015 in the UAE and Jordan, Yellow Door Energy’s goal is to provide sustainable energy solutions for both industrial and commercial businesses. The company, whose clients include premier businesses such as Carrefour and Nestle, now has over 110 megawatts of solar projects across the UAE and Jordan. It has also recently expanded its presence to Bahrain, Oman and Saudi Arabia.
The $50 million in financing by APICORP will first be utilised to build and operate the 79MW projects YDE manages across Jordan.
Last year, in order to scale up efficiency solutions and solar energy in emerging markets, APICORP invested $65 million into YDE,as well as a collection of regional and international banks.
APICORP CEO Dr Ahmed Ali Attiga said “APICORP is one of Yellow Door Energy’s shareholders, and the revolving construction facility demonstrates our commitment to accelerate the sustainable energy transition in the region.
“APICORP’s financing portfolio is now over 15% green and we are looking to continue to increase this as we move toward our strategic priorities for the energy transition,” he added.
“The sorts of agreements are a key focus for us at a time when regional policymakers are prioritising distributed solar projects and demand for renewables has reached an all-time high across the MENA region and globally. We firmly believe that with the right mix of regulation, technology and financing, renewable energy has a massive potion to make inroads in the MENA regions,” he said.
Yellow Door Energy CEO Jeremy Crane said: “Yellow Door Energy is pleased to be working with APICORP again to propel our mission to provide low cost, reliable and sustainable energy solutions to businesses across MENA.”
“This $50 million revolving construction facility demonstrates the innovative thinking that makes APICORP and Yellow Door Energy leaders in their respective fields. The rapid growth of Yellow Door Energy needs flexible and affordable funding arrangements to support our international growth.”
Governments and policymakers from the Middle East and North Africa region and beyond have begun focusing on clean energy sources, such as solar, due to growing environmental concerns and electric power demand.
Clean energy reduces electricity costs, reduces CO2 emissions and provides longterm benefits to the environment.
Source : thearabweekly
