Yellow Door Energy gets USD50m to finance solar projects
The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced today that it has signed USD 50 million revolving construction facility with Yellow Door Energy Limited, a leading UAE based sustainable energy provider for businesses, to develop solar-PV plants in the region with key emphasis on Jordan and Pakistan.
Yellow Door Energy currently has over 110 megawatts of solar assets operating and under construction in the UAE, Jordan, and Pakistan, with recent expansions into Saudi Arabia, Bahrain, and Oman.
The first utilization of the financing will be for solar PV projects in Jordan, where Yellow Door Energy is currently operating and building 79 MW of solar PV projects across the country – the largest such portfolio of any company operating there.
Yellow Door Energy is one of APICORP’s investee companies and in 2019 the Corporation and a consortium of international and regional banks invested USD 65 million in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets.
APICORP has significantly increased financing and equity investments in green technologies over the last several years to comprise over 15% of its current financing portfolio. In addition to its investment in Yellow Door Energy, APICORP provided a USD40 million financing facility to Saudi Arabia’s first independent sewage treatment plant to bring more cost-effective technologies to wastewater recycling.
A rapidly emerging sector within the regional energy mix, APICORP forecasts that USD97 billion of the USD237 billion the MENA region will need to invest in the power sector over the next 5 years to meet its energy needs will be in the renewables sector.
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