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HomeBanking & FinanceIFC, asset firm invest in Middle East solar power project

IFC, asset firm invest in Middle East solar power project

|By Arabian Post Staff| IFC, a member of the World Bank Group, and the IFC Middle East and North Africa (MENA) Fund, a fund managed by IFC Asset Management Company, LLC (AMC), are investing $19 million in equity in Yellow Door Energy. The investment will support the deployment of lease-to-own rooftop and ground-mounted solar-power and energy-efficiency solutions to commercial and industrial customers in Jordan, UAE, and beyond.

The investment is part of a $65 million financing package that Yellow Door Energy is raising from a group of investors. IFC will provide $5 million from its own account, and the IFC MENA Fund will invest $14 million. The investment will help this leading solar-power developer expand operations into Pakistan, growing its presence across the Middle East beyond current markets of UAE and Jordan.

Jeremy Crane, CEO and Co-Founder of Yellow Door Energy, said the funding enables the company to scale its  energy platform from the Middle East to Africa and Asia. It plans to build 300 megawatts of solar in the next two years, benefitting hundreds of businesses and the broader economy, he said.

Many countries—including Jordan, Lebanon, and Pakistan—are heavily reliant on expensive and pollution-causing thermal generation for their power. Yellow Door Energy uses an innovative leasing model to help commercial and industrial businesses build and maintain ground mounted and roof-top solar arrays to lessen their reliance on local power grids. IFC and AMC’s investment will help local businesses tap into a clean, reliable supply of energy while demonstrating the potential of small-scale solar systems in Pakistan and other countries suffering from power shortages.

Other investors include Mitsui & Co., Equinor ASA, Arab Petroleum Investments Corporation (Apicorp), and Adenium Energy Capital, the founding investor of Yellow Door Energy.


Also published on Medium.