UAE firm joins efforts with APICORP to develop solar energy | Omar El-Huni

UAE firm joins efforts with APICORP to develop solar energy | Omar El-Huni

LONDON — Solar developer Yellow Door Energy (YDE) has joined efforts with the Arab Petroleum Investments Corporation (APICORP), a Saudi Arabia-based multilateral development financial institution, in order to establish solar photovoltaic plants in the region, particularly Jordan and Pakistan.

Founded in 2015 in the UAE and Jordan, Yellow Door Energy's goal is to provide sustainable energy solutions for both industrial and commercial businesses. The company, whose clients include premier businesses such as Carrefour and Nestle, now has over 110 megawatts of solar projects across the UAE and Jordan. It has also recently expanded its presence to Bahrain, Oman and Saudi Arabia.

The $50 million in financing by APICORP will first be utilised to build and operate the 79MW projects YDE manages across Jordan.

Last year, in order to scale up efficiency solutions and solar energy in emerging markets, APICORP invested $65 million into YDE,as well as a collection of regional and international banks.

APICORP CEO Dr Ahmed Ali Attiga said “APICORP is 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 toward