Apicorp backs Yellow Door's PV projects in MENA with USD-50m loan

The Arab Petroleum Investments Corporation (Apicorp) on Wednesday announced that it had signed a USD-50-million (EUR 42m) revolving construction facility with UAE-based firm Yellow Door Energy Limited to support the development of solar photovoltaic (PV) projects in the MENA region with a focus on Jordan and Pakistan.

Yellow Door Energy, which develops energy solutions for the commercial and industrial (C&I) sector, will first use the proceeds for PV projects in Jordan, where the company currently has 79 MW of solar assets in operation and under construction. According to Apicorp, Yellow Door’s is the largest such portfolio of any company operating in Jordan.

At present, Yellow Door Energy is handling construction and operation of over 110 MW of solar assets in the UAE, Jordan and Pakistan, and has recently branched out into Saudi Arabia, Bahrain and Oman.

Apicorp, a Saudi-based multilateral development financial institution, is one of Yellow Door Energy’s shareholders.

(USD 1.0 = EUR 0.839)

Choose your newsletter by Renewables Now. Join for free!