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Yellow Door Energy scales-up solar energy transition in the Middle East

Company raises USD 65 million to expand energy-efficient solutions in the region; CEO discusses projects in Jordan

| | Jan 29, 2019 | 5:36 pm
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Signing ceremony of Yellow Door Energy raising USD 65 million from leading global investors, in Dubai

Dubai, UAE, 29 January 2019: Yellow Door Energy underscored the massive opportunity for solar energy in the Middle East and Africa, with Jeremy Crane, CEO and Co-Founder, sharing that the company had signed over 70 megawatts of solar contracts and its customers include Nestlé Middle East, AMI, Elcome and leading FMCGs and logistics companies in the region. A provider of solar leasing for commercial and industrial customers in the region, the company has recently raised USD 65 million to scale-up solar energy transition efforts across the Middle East and Africa. According to the company, the investment comes from IFC, Mitsui, Equinor, APICORP and Adenium and will be used to expand distributed solar and energy efficiency solutions into new markets, enabling long-term sustainable growth.

Jeremy Crane, CEO and Co-Founder, Yellow Door Energy

Providing insight on the company’s level of activities in Jordan, Crane said that there is a huge demand for lower-cost energy solutions in Jordan, due to high electricity prices and grid constraints. As an early mover, he said, Yellow Door Energy has been successful securing top customers, including Specialty Hospital and Istiklal Mall for a four MW solar wheeling project, Jabri Restaurants for 1.8 MW, Jordan Hospital for four MW, Classic Fashion  for 5.5 MW, General Intelligence Directorate for 15 MW and Aseza Aqaba Special Economic Zone Authority for five MW.  “Thanks to the solar wheeling regulation in Jordan, our customers can benefit from solar power generated at our solar parks,” Crane said. “We recently commissioned a four MW solar park outside of Amman that will provide clean renewable energy for Specialty Hospital and Istiklal Mall.” Currently, he added, there isn’t any other country where solar leasing is economically viable but the company is monitoring the market to assess the next viable opportunity.

 

Hannah Jo Uy is Assistant Editor at Climate Control Middle East magazine. She may be contacted at hannah@cpi-industry.com


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