Riyadh – Mubasher: The Saudi-based Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has signed two agreements with the UAE's Yellow Door Energy (YDE), a leading sustainable energy solutions provider in the Middle East, to install solar panels and energy-efficient technologies at APICORP’s headquarters in Dammam.
The agreements, which highlight YDE’s first project in Saudi Arabia, will help the company cut its carbon emissions by 2,000 tonnes and produce up to 718 MWh of clean energy, in addition to reducing energy consumption by 35%.
Expected to be completed by the end of 2020, the project includes retrofitting the air conditioning and chiller systems, installing over 3,500 LED light bulbs with smart control, and fixing a rooftop solar plant that spans 4,300 square metres.
The CEO of APICORP, Dr. Ahmed Ali Attiga, said: “By investing in green initiatives, we hope to lead by example and contribute in a tangible and impactful way to making this planet a better place to live for future generations.”
Meanwhile, the CEO and co-founder of YDE, Jeremy Crane, “Our solar lease and shared energy savings contracts with APICORP are our company’s first of hopefully many projects in the Kingdom.”
It is noteworthy to mention that in 2019, APICORP, in collaboration with a consortium of international and regional banks, invested $65 million in YDE to expand investments in solar energy and efficiency solutions in emerging markets.