Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has signed a US$50mn revolving construction facility with Yellow Door Energy Limited, a leading provider of sustainable energy to businesses based in the UAE, to develop solar PV plants in the region with a strong focus on Jordan and Pakistan
Yellow Door Energy currently has more than 110 megawatts of solar assets in operation and under construction in the UAE, Jordan and Pakistan, with recent expansions to Saudi Arabia, Bahrain and Oman.
The first utilisation 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 investment firms, and in 2019 the Corporation and a consortium of international and regional banks invested US$65mn in Yellow Door Energy to increase investment in solar energy and efficiency solutions in emerging markets.
Dr Ahmed Ali Attiga, CEO of APICORP, said, ?For years, APICORP has been a trusted financial partner in the region?s energy sector, and we are delighted to extend further support to Yellow Door Energy as it scales up its solar operations in into new markets. APICORP is also 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 towards our strategic priorities for the energy transition.?
?These sorts of agreements are a vital 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 regulations, technology and financing, renewable energy has a massive potential to make inroads in the MENA region,? further noted Dr Attiga.
Jeremy Crane, CEO of Yellow Door Energy, 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 US$50mn 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. With more than US$50mn of solar and energy efficiency projects currently under construction, we continue to be the leader in the region?s energy transition.?
