Yellow Door Energy raised $31.2 million to develop distributed PV projects in Jordan

Feb 9, 2021 01:26 PM ET
  • UAE-based solar programmer Yellow Door Energy has increased $31.2 million finance to develop dispersed solar projects in Jordan.

The European Bank for Reconstruction as well as Development (EBRD) and German DEG are supplying the business with a $10.6 million car loan for the development, construction and operation of a portfolio of 8 PV plants in Jordan. The financing is matched by a car loan of approximately $5 million offered by the Global Environment Facility (GEF), an identical $15.6 million DEG senior lending and an equity contribution from Yellow Door Energy. Spain is also giving results-based payments of up to EUR1.5 million ($1.8 million), along with technological help together with the European Union.

The electrical energy produced will supply five private consumers: Umniah (telecom market), Carrefour supermarkets, Safeway grocery stores and also Taj Mall (retail market) as well as Traditional Fashion (garments making). In total, 48.3 MW of renewable energy ability will certainly be contributed to Jordan's power system, generating over 81 GWh of sustainable electrical power each year.

According to the business, it is the largest portfolio of private-to-private eco-friendly projects entailing supply straight to the economic sector under Jordan's "Electric Power Wheeling" regulations. These guidelines allow customers to develop and rent or have renewable resource plants and attach them to the transmission or circulation system at remote locations in order to create power for their own usage.

Yellow Door Energy, founded in 2015 in the United Arabian Emirates and Jordan, has established greater than 110 MW of solar projects between East and South Asia. Investors consist of the International Finance Corporation, Mitsui, Equinor and APICORP.

German development finance organization DEG becomes part of the state-owned KfW Group, which has actually been working in Jordan since 1961 as well as has actually invested EUR1.7 billion since 2007. Because the begin of its procedures in Jordan in 2012, the EBRD has supplied greater than EUR1.4 billion in funding for 54 projects there.

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