February 4, 2021
The European Bank for Reconstruction and Development (EBRD) and DEG are providing Yellow Door Energy, a leading sustainable energy provider for businesses, with a US$ 10.6 million loan in local currency for the development, construction and operation of a portfolio of eight solar photovoltaic (PV) plants in Jordan.
The EBRD local currency financing is complemented by a loan mobilised by the Bank of up to US$ 5 million provided by the Global Environment Facility (GEF), a parallel US$ 15.6 million senior loan in local currency from the DEG, the German development finance institution, and an equity contribution from Yellow Door Energy. Spain is also providing results-based payments of up to €1.5 million, as well as technical assistance together with the European Union.
This loan supports the financing of eight wheeling solar parks for five private offtakers in Jordan with a combined capacity of 48.3 megawatts. Five of the solar parks are fully commissioned, grid connected, and operating. The remaining three solar parks are nearing the end of the construction phase and are expected to be commissioned shortly. Yellow Door Energy followed all protocols relating to the development of the solar parks and obtained all the necessary licenses, permits and approvals as required by law.
The five private consumers are: Umniah (telecommunications industry), Carrefour supermarkets, Safeway supermarkets and Taj Mall (retail industry) as well as Classic Fashion (garments manufacturing). In total, 48.3 MWp of renewable energy capacity will be added to Jordan’s power system, generating over 81 GWh of renewable electricity per year during the lifetime of the project. The plants are also expected to reduce CO2 emissions by more than 49,000 tonnes per year.
Yellow Door Energy was founded in 2015 in the United Arab Emirates and Jordan, with the aim of providing sustainable energy solutions for businesses. Today, the company has over 110 MW of solar projects in the Middle East and South Asia. Yellow Door Energy’s shareholders include the International Finance Corporation, Mitsui, Equinor and APICORP.