- New fittings expected to generate 718 MWh of clean energy and cut carbon emissions by 2,000 tonnes in the first year
Dammam: In line with its commitment to promote long-term sustainability and green initiatives, the Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced today that it signed two agreements with Yellow Door Energy (YDE), a leading sustainable energy solutions provider in the Middle East, to install solar panels at APICORP’s headquarters in Dammam and retrofit the building with energy-efficient technologies.
The agreements mark YDE’s first project in Saudi Arabia, demonstrating the company’s exponential growth in the region. Expected to be completed by end of 2020, the new fittings will cut APICORP’s carbon emissions by 2,000 tonnes and generate up to 718 MWh of clean energy, as well as significantly reduce energy consumption by 35%.
YDE’s energy efficiency solutions at APICORP headquarters include retrofitting and optimising the air conditioning and chiller systems, as well as installing over 3,500 LED light bulbs with smart control. YDE will also install a rooftop solar plant that spans 4,300 square metres, fitted with a customised mounting structure to accommodate the roof’s unique wave design.
Commenting on the agreement, Dr. Ahmed Ali Attiga, CEO of APICORP, said: “We are delighted to work with Yellow Door Energy, one of our investee companies, on this important initiative that demonstrates our commitment to sustainability and environmentally-friendly practices in all aspects of APICORP’s operations. By investing in green initiatives, we hope to lead by example and contribute in a tangible and impactful way to making this planet a better place to live for future generations.”
Jeremy Crane, CEO and Co-Founder of Yellow Door Energy, added: “Yellow Door Energy is honoured to contribute to the Kingdom of Saudi Arabia’s renewable energy target as part of Vision 2030. Our solar lease and shared energy savings contracts with APICORP are our company’s first of hopefully many projects in the Kingdom. We congratulate APICORP on this forward-thinking initiative and sustainability leadership.”
In 2019, APICORP and a consortium of international and regional banks invested USD65 million in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets. YDE currently has over 100 megawatts of solar assets in development in the UAE, Jordan, Pakistan and Egypt.
As per the Saudi Arabia’s Ministry of Energy, the country is pursuing an ambitious renewable power strategy that includes plans to add 60 gigawatts of clean energy capacity to the national grid by 2030. Of this, 40GW will come from solar photovoltaic plants, 16GW from wind turbines and 2.7GW from concentrated solar power.
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The Arab Petroleum Investments Corporation (APICORP) is a multilateral development financial institution established in 1974 by an international treaty between the ten Arab oil exporting countries. It aims to support and foster the development of the Arab world’s energy sector and petroleum industries. APICORP makes equity investments and provides project finance, trade finance, advisory and research. APICORP is rated ‘Aa2 with a stable outlook’ by Moody’s, and is headquartered in Dammam, Kingdom of Saudi Arabia.
More information can be found at: www.apicorp.org
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About Yellow Door Energy:
Yellow Door Energy is the leading sustainable energy partner for businesses, serving commercial and industrial customers in the Middle East, Africa and South Asia. The company’s solar and energy efficiency solutions enable businesses to reduce energy costs, improve power reliability and lower carbon emissions. Yellow Door Energy recently raised $65 million from global investors IFC, Mitsui, Equinor, APICORP and Adenium.
More information can be found at: www.yellowdoorenergy.com
© Press Release 2020