Arab Petroleum Investments Corporation says among investors in Series A funding round
The Arab Petroleum Investments Corporation (APICORP) on Monday announced its investment towards the Series A shares of Yellow Door Energy, a UAE-based solar power developer.
The funds, as part of a consortium of international and regional banks and amounting to a total of $65 million, will enable Yellow Door Energy to scale its investments in solar energy and efficiency solutions in emerging markets, and generate 300 megawatts of solar energy over the next two years.
Dr Ahmed Ali Attiga, CEO of APICORP said: “The solar energy market still has significant untapped potential within MENA, with companies like Yellow Door Energy achieving major breakthroughs in leveraging opportunities to meet the region’s growing demand for power.
"We will continue to focus on alternative energy projects in our portfolio and support the region’s transition towards a sustainable energy future.”
Jeremy Crane, CEO and co-founder of Yellow Door Energy, added: “The funding validates our company’s vision of powering emerging economies reliably, efficiently and sustainably. It enables us to scale our energy platform from the Middle East to Africa and Asia.
"We aim to build 300 megawatts of solar in the next 2 years, benefitting hundreds of businesses and the broader economy. We are excited that prestigious global investors believe in our company’s credibility, commitment and customer-centric offerings.”
The investment in Yellow Door Energy represents APICORP’s first investment in renewables and distributed solar power generation.
Other investors in the deal include the International Finance Corporation, Mitsui & Co Ltd, Equinor Energy Ventures and UAE-based Adenium Energy Capital, the founding investor of Yellow Door Energy since 2015.
According to APICORP’s research, the planned investments in the power sector in MENA is estimated at $187 billion for the next five years, of which renewables account for $83 billion.