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UAE-based Yellow Door Energy has announced new renewables projects worth AED150 million ($41 million) in the region, including Jordan, Pakistan, Saudi Arabia, Bahrain and its home market.
The projects comes as the company’s operating projects generated 60 million kilowatt-hours of clean energy this year, equivalent to reducing carbon emissions by 36 million kilograms or planting 600,000 trees.
Jeremy Crane, CEO and co-founder of Yellow Door Energy, said: “Despite unfavourable economic conditions around the globe caused by the Covid-19 situation, we persevered and continued to deliver a strong performance across the region in 2020. This is yet another testimony that sustainability is a top priority for businesses, communities, and governments, and more so during a global crisis.
“Our mission is to contribute to sustainability goals set by our customers, and to strategies and polices set forth by forward-thinking governments. In the UAE, we are proud to contribute to the UAE Energy Strategy 2050, an ambitious strategy that is set to change the energy sector in the country and the wider region,” added Crane.
The fourth quarter was a particularly busy period for Yellow Door Energy, as it signed 15 megawatts of solar agreements worth more than $10 million of investment.
It also secured a $50 million facility from APICORP, one of its shareholders and Crane said the company is poised for exponential growth as it eyes expansion plans in the Middle East, South Asia and Africa.
The financing will initially be tapped for solar projects in Jordan, where Yellow Door Energy is currently operating and building 79MW of projects across the country.
In 2019, APICORP and a consortium of international and regional banks invested $65 million in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets.