Yellow Door Energy raises funds to boost solar investments

29 January 2019 (Last Updated January 29th, 2019 12:34)

UAE-based Yellow Door Energy has raised Series A financing of $65m to boost its investments in solarpower and energy efficiency solutions in the Middle East and Africa.

Yellow Door Energy raises funds to boost solar investments
Yellow Door Energy’s investment signing ceremony. Credit: Yellow Door Energy.

UAE-based Yellow Door Energy has raised Series A financing of $65m to boost its investments in solarpower and energy efficiency solutions in the Middle East and Africa.

Yellow Door Energy is securing finance from International Finance Corporation, a World Bank member, Mitsui & Co, Equinor Energy Ventures, Arab Petroleum Investments Corporation, and Adenium Energy Capital.

The company helps commercial and industrial businesses reduce energy costs by providing them with solar leases and energy savings contracts.

Furthermore, they will be able to improve power reliability and reduce carbon emissions.

Yellow Door Energy CEO and Co-Founder Jeremy Crane said: “We aim to build 300MW  of solar in the next two years, benefitting hundreds of businesses and the broader economy.”

“We aim to build 300MW of solar in the next two years, benefitting hundreds of businesses and the broader economy.”

According to the company, this is one of the largest private placements in distributed solar in the Middle East and validates its vision of powering emerging economies sustainably.

Yellow Door Energy has a portfolio of customers, including multinational corporations in consumer goods, retail, and logistics.

Mitsui Second Projects Development Division general manager of third department Akihiro Shirane said: “Mitsui has been active and highly committed to developing infrastructure projects in the Middle East for decades, and we see the market shifting towards renewable energy for further sustainable growth in the region.

“This is an exciting milestone for Mitsui to enter into the distributed solar sector in the Middle East, and we strongly believe through its innovative business model and reliable solution, Yellow Door Energy will contribute to a clean, sustainable future in the region.”