Dubai – Mubasher: The Arab Petroleum Investments Corporation (APICORP) on Monday announced a $65 million investment in UAE solar developer, Yellow Door Energy.
The funding is part of a consortium of international and regional banks, and it will enable the company to scale its investments in solar energy and efficiency solutions in emerging markets, the Saudi Arabia-based multilateral development bank said in a statement.
The UAE energy developer will also generate 300 megawatts of solar power over the next two years, APICORP noted.
Commenting on the new investment, Jeremy Crane, CEO and co-founder of Yellow Door Energy, said, “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.”
This fund is considered APICORP’s first investment in renewables and distributed solar power generation, and is one of the larger private placements into commercial and industrial (C&I) solar energy in the Middle East and North Africa (MENA).
APICORP is expected to invest around $187 billion in the power sector within the coming five years, of which renewables account for $83 billion.
