APICORP signs $50mln financing facility with UAE's Yellow Door Energy

The revolving construction facility will be used for developing solar energy assets in markets including Jordan and Pakistan

  
Photo for illustrative purpose only. Researchers from DEWA R&D Centre at the Mohammed bin Rashid Al Maktoum Solar Park have published 40 papers in international scientific conferences and journals, enriching the scientific community with innovative solutions. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

Photo for illustrative purpose only. Researchers from DEWA R&D Centre at the Mohammed bin Rashid Al Maktoum Solar Park have published 40 papers in international scientific conferences and journals, enriching the scientific community with innovative solutions. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

Saudi Arabia-based Arab Petroleum Investments Corporation (APICORP) has signed a $50 million revolving construction facility with Yellow Door Energy Limited, a UAE-based sustainable energy company, to develop solar plants.

The company will develop solar photovoltaic (PV) plants in key markets including Jordan and Pakistan.

The first projects under the new funding will be in Jordan, where Yellow Door currently operates 79 megawatts (MW) of solar PV projects.

Dr Ahmed Ali Attiga, CEO of APICORP, said APICORP is one of Yellow Door Energy’s shareholders, demonstrating its commitment to the transition to renewable energy in the region, as well as its financing portfolio, which is 15 percent green.

He said: “These sorts of agreements are a key focus for us at a time when regional policymakers are prioritising distributed solar projects and demand for renewables has reached an all-time high across the MENA region and globally.

“We firmly believe that with the right mix of regulations, technology and financing, renewable energy has a massive potential to make inroads in the MENA region.”

APICORP forecasts that the MENA region will need to invest $237 billion in the power sector in the next five years, and $97 billion of the investment will be in the renewables sector.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

imogen.lillywhite@refinitiv.com

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