APICORP agrees $50m facility for Yellow Door Energy solar PV projects
The Arab Petroleum Investments Corporation (APICORP) has signed a $50 million revolving construction facility with UAE-based sustainable energy provider Yellow Door Energy to develop solar PV plants in the region. The financing will focus projects in Jordan and Pakistan.
The first utilization of the financing will be for solar PV projects in Jordan, where Yellow Door Energy is currently operating and building 79MW of solar PV projects across the country – the largest such portfolio of any company operating there. The company currently has over 110MW of solar assets operating and under construction in the UAE, Jordan, and Pakistan, with recent expansions into Saudi Arabia, Bahrain, and Oman.
APICORP, a multilateral development financial institution, has significantly increased financing and equity investments in green technologies over the last several years to comprise over 15% of its current financing portfolio.
