EBRD, DEG AND GEF provide $31.2 million to Yellow Door solar project
The EBRD, DEG and Global Environment Facility (GEF) have provided $31.2 million to Yellow Door Energy to finance the development, construction, and operation of eight solar plants in Jordan. The EBRD and DEG are lending $10.6 million in local currency, with a loan mobilised by the bank of up to $5 million provided by GEF, a parallel $15.6 million local currency senior loan from DEG, and an equity contribution from Yellow Door Energy. Spain is providing resource-based payments of up to €1.5 million, as well as technical assistance together with the EU. HSBC is the offshore account bank and the offshore security agent, with Arab Bank as the onshore account bank and the onshore security agent.
The plants will supply five private consumers: Umniah (telecommunications industry), Carrefour supermarkets, Safeway supermarkets and Taj Mall (retail industry) as well as Classic Fashion (garments manufacturing). The project, which is the largest portfolio of private-to-private renewable projects involving supply directly to the private sector under Jordan's Wheeling Regulations, will add 48.3 MWp of renewable energy capacity to Jordan’s power system.
