Dubai-based Yellow Door Energy’s CEO Jeremy Crane has revealed that the company is planning to add $100 million worth of renewable energy assets to its portfolio this year, as it is working to raise its assets to $1 billion by 2025.
Funded by multilateral lenders like the International Finance Corporation, the company is concentrated on the expansion of its existing solar facilities in the UAE.
Yellow Door Energy, which runs photovoltaic solar projects in the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan, already has $100 million worth of renewable energy assets.
“We expect to achieve $1 billion of assets by 2025. We’re growing a lot. Our contracted assets grew by 30 percent last year and this year we expect they will double in scale. We expect to sign $100 million of new projects in 2021. One of the things that also has been trending, because of the pandemic, is a heightened interest in renewables [due to] concern for the planet.”
The company, which was spun-off from Middle East-focused solar energy investor Adenium Energy Capital in 2015, counts the International Finance Corporation, Mitsui & Co, Norway’s Equinor Energy Ventures, and Dammam-based Arab Petroleum Investments Corporation (Apicorp) among its investors.
The renewables developer, which last year had an 18 percent fall to its profit due to COVID-19 impact on the global economy and supply chains, is optimistic about this year’s growth level.
According to the International Energy Agency, the global emissions dropped 7 percent last year, due to the grounding of airlines and a decline in traffic, as a result of widespread lockdowns. Several countries, including the UAE, are considering using 2020 as a baseline for future emission control targets.
Mr. Crane further noted that some of the company’s investors, such as Mitsui and Apicorp, are prioritizing more investment in the renewables sectors.
“We have four shareholders with tens of billions of dollars of balance sheets behind them. So, they’re very strong contributors. We do expect that our shareholders will continue to invest and help us grow the business,” concluded Mr. Crane.