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Yellow Door Energy, a Dubai-based sustainable energy company, has closed a $400 million equity raise as it looks to deploy over $1 billion worth of projects in the Middle East and Africa.
A substantial part of the funding was provided by Yellow Door's majority shareholder Actis, a global investor in sustainable infrastructure, while existing shareholders International Finance Corporation (IFC), Mitsui & Co. and the Arab Petroleum Investments Corporation (APICORP) also increased their equity commitments, a company statement said on Wednesday.
The investment also included a purchase of current shares, enabling the company’s initial investors to exit.
Yellow Door, which operates in the UAE, Jordan, Pakistan, Saudi Arabia, Bahrain and South Africa, has 106 megawatts in operation and 104 megawatts awarded and under construction. The company's customers include multi-national businesses such as Nestlé, Majid Al Futtaim, DHL, Mondelēz and Unilever.
(Writing by Brinda Darasha; editing by Seban Scaria)
