Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) has signed a $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 a key focus 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, according to a press release on Wednesday.
The first utilisation of the loan 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.
Yellow Door Energy is one of APICORP’s investee companies. In 2019, the corporation and a bank consortium invested $65 million in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets.
“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,” said CEO of APICORP, Ahmed Ali Attiga.
“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,” added Attiga.
Moreover, CEO of Yellow Door Energy, Jeremy Crane, said, "This $50 million revolving construction facility demonstrates the innovative thinking that makes APICORP and Yellow Door Energy leaders in their respective fields… With over $50 million of solar and energy efficiency projects currently under construction, we continue to be the leader in the region's energy transition."
A rapidly emerging sector within the regional energy mix, APICORP expects that $97 billion of the $237 billion the MENA region will need to invest in the power sector over the next five years to meet its energy needs will be in the renewables sector.