UAE-based leading renewable energy developer, Yellow Door Energy has obtained loans worth $31.2 million from multilateral lenders, to develop solar projects in Jordan.
The European Bank for Reconstruction and Development (EBRD) and the German Investment Corporation (DEG) have agreed to offer $10.6 million in local currency for the development of eight solar photovoltaic plants in Jordan.
The EBRD financing is backed by a loan of up to $5 million provided by the Global Environment Facility as well as a parallel $15.6 million senior loan in local currency from the DEG as well as an equity contribution from Yellow Door Energy.
Through the European Union, Spain will also provide results-based payments of up to $1.8 million (EUR 1.5 million), as well as technical assistance.
The solar PV plants under construction will fulfill all the power needs of Umniah, Carrefour supermarkets, Safeway supermarkets, Taj Mall and Classic Fashion.
“In total, 48.3 Megawatt per hour of renewable energy capacity will be added to Jordan’s power system, generating over 81 Gigawatt per hour of renewable electricity per year during the lifetime of the project,” the company said in a statement.
The scheme is expected to reduce carbon dioxide emissions by more than 49,000 tons annually. The development will be the largest such portfolio of projects serving solar power to private companies under Jordanian legislation, enabling clients to build and lease or possess their own renewable energy plants.
The sustainable energy company operates solar photovoltaic projects in the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan and has clean energy assets worth $100 million. Recently, the company CEO Jeremy Crane has revealed the firm’s plans to add $100 million worth of renewable energy assets this year to increase its portfolio to $1 billion by 2025.