APICORP extends a USD50million revolving construction facility to Yellow Door Energy to finance solar projects

  • Date: 25-Nov-2020
  • Source: Eye of Riyadh
  • Sector:Oil & Gas
  • Country:GCC
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APICORP extends a USD50million revolving construction facility to Yellow Door Energy to finance solar projects

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.  The first utilization of the financing 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 - the largest such portfolio of any company operating there.  Yellow Door Energy is one of APICORP's investee companies and in 2019 the Corporation and a consortium of international and regional banks invested USD 65 million in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets.  Dr Ahmed Ali Attiga, CEO of APICORP, said: "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