Arab Petroleum Investments Corporation (Apicorp) announced on Wednesday that over the next five years $97 billion of the $237 billion investment will be in the renewables sector of the Middle East North Africa region.
It also recently announced that it has signed a $50 million revolving construction facility with the Yellow Door Energy, an UAE-based sustainable energy provider to develop solar-PV plants in the region.
Apicorp said in a statement that, The first utilisation of the financing will be for solar photovoltaic (PV) projects in Jordan, where Yellow Door Energy is currently operating and building 79MW of solar PV projects across the country — the largest such portfolio of any company operating there.
Yellow Door Energy is one of Apicorp’s investee companies and it currently has over 110 megawatts of solar assets operating and under construction in the UAE, Jordan, and Pakistan, with recent expansions into Saudi Arabia, Bahrain, and Oman.
“For years, Apicorp has been a trusted financial partner in the region’s energy sector, and we are delighted to extend further support to Yellow Door Energy as it scales up its solar operations into new markets,” stated Dr Ahmed Ali Attiga, CEO of Apicorp.
He added that “The revolving construction facility demonstrates Apicorp’s commitment to accelerate sustainable energy transition in the region. “Apicorp’s financing portfolio is now over 15 per cent green and we are looking to continue to increase this as we move towards our strategic priorities for the energy transition.”
“Yellow Door Energy is pleased to be working with Apicorp again to propel our mission to provide low cost, reliable and sustainable energy solutions to businesses across Mena”, Jeremy Crane, CEO of Yellow Door Energy said.