November 25, 2020
Tag : Press Release
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 (”Yellow Door Energy”), 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.
“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.”
Dr. Ahmed Ali Attiga
“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 USD50 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. With over USD50 million of solar and energy efficiency projects currently under construction, we continue to be the leader in the region’s energy transition.”
CEO & Co-Founder
Yellow Door Energy
In light of the growing demand for electric power and environmental concerns, governments and policymakers are embracing alternate sources of energy such as solar, as they offer numerous advantages including reduction in electricity costs, long-term savings and being more environmentally-friendly.