Dubai-based firm gets US$65 million for expansion beyond Middle East

Facebook
Twitter
LinkedIn
Reddit
Email
Source: Yellow Door.

The Dubai-based solar developer Yellow Door has raised US$65 million from a range of investors including the World Bank’s International Finance Corporation (IFC).

The IFC joins the company’s founding investor Adenium. Japan’s Mitsui, Equinor Energy Ventures and Arab Petroleum Investments Corporation.

Yellow Door develops commercial and industrial-scale solar projects and offers a solar leasing offering in markets where the regulatory framework allows. It claims to have doubled revenue in the past year.

“The funding validates our company's vision of powering emerging economies reliably, efficiently and sustainably,” said Jeremy Crane, CEO and co-founder, Yellow Door Energy. “It enables us to scale our energy platform from the Middle East to Africa and Asia. We aim to build 300MW of solar in the next two years, benefitting hundreds of businesses and the broader economy.”

Erik Becker, IFC manager of infrastructure and natural resources in the Middle East and Africa, added: “Lack of economic power supply is hurting businesses large and small, stifling economic growth and contributing to unemployment across the region. Yellow Door Energy's business model will help companies reduce energy costs and lower their carbon emissions – a strategic objective of IFC in the region.”

14 September 2022
Join us in London for 2 days as we look at the UK’s new landscape for utility & rooftop solar. Understand the new opportunities within this GW-plus annual market!
15 September 2022
Bifacial PV modules will be the dominant solar PV technology globally within one or two years; in the utility-scale sector, their market share is already above 70%. This webinar will provide a clear view on the successful implementation of bifacial technology, maximizing system performance and minimising LCoE.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.
29 November 2022
PV ModuleTech EMEA in Madrid on 29-30 November 2022 will address the factors underpinning the changing PV module landscape, gathering together all the key stakeholders across the value-chain from module production to field testing. Join us for presentations from the leading players in the sector, clearly identifying the opportunities and challenges set to impact module supply to Europe and the Middle-East over the next few years.

Read Next

August 11, 2022
Finlay Colville, Solar Media's head of market research, lays out the UK's path to achieving 40GW+ of solar PV by 2030 after rebounding from recent headwinds in its solar sector
August 9, 2022
Solar tracker maker FTC Solar and energy contractor AUI Partners have teamed up to provide solar tracking solutions for distributed generation (DG) projects under 20MW within an eight week time frame.
August 3, 2022
Global investment in renewable energy reached a record half-year figure of US$226 billion in H1 2022, driven by soaring demand for clean energy technologies amid the ongoing energy and climate crisis, according to a BloombergNEF (BNEF) report.
July 26, 2022
UK-based energy group Octopus Energy has raised US$550 million to invest in renewables-enabling technologies and solutions.
July 20, 2022
Clean energy investor Octopus Investments Australia has launched a AU$10 billion (US$6.9 billion) platform that will finance renewables assets and has already acquired Australia’s largest operational solar project.
July 15, 2022
Solar and wind trade bodies have united to organise the Africa Renewables Investment Summit to drive renewable energy financing in the continent.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event