UAE’s Yellow Door Energy Raises $65 Million

The investment comes from IFC, Mitsui, Equinor, APICORP and Adenium and will be used to expand distributed solar and energy efficiency solutions into new markets.

Yellow Door Energy Raised $65 Million

Yellow Door Energy, a UAE-based leading solar developer, announced that it has raised $65 million in Series A financing to scale its investments in solar energy and energy efficiency solutions in the Middle East and Africa.

This is one of the Middle East’s largest private placements in distributed solar.

The investment comes from International Finance Corporation (IFC), a World Bank member, Mitsui & Co., Ltd., Equinor Energy Ventures, Arab Petroleum Investments Corporation (APICORP), and UAE-based Adenium Energy Capital, the founding investor of Yellow Door Energy since 2015.

Jeremy Crane, CEO and Co-Founder of Yellow Door Energy, said, “The funding validates our company’s vision of powering emerging economies reliably, efficiently and sustainably. It enables us to scale our energy platform from the Middle East to Africa and Asia. We aim to build 300 megawatts of solar in the next 2 years, benefitting hundreds of businesses and the broader economy. We are excited that prestigious global investors believe in our company’s credibility, commitment and customer-centric offerings.”

The funding marks an important milestone for Yellow Door Energy, which has doubled its revenue since last year and has an impressive portfolio of customers including multinational corporations in consumer goods, retail, logistics, among many others.

Yellow Door Energy provides solar leases and energy savings contracts to commercial and industrial businesses to help them reduce energy costs, improve power reliability and lower carbon emissions.

Gareth Burns, Equinor’s Vice President and Managing Director, said, “Our investment in Yellow Door Energy secures an early entry in the company driving the growth of distributed solar in the Middle East and Africa. Together with our co-investors, we look forward to supporting Yellow Door Energy in achieving their ambitious growth plans.”

"Want to be featured here or have news to share? Write to info[at]saurenergy.com
Ayush Verma

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

      SUBSCRIBE NEWS LETTER
Scroll