Dubai’s Yellow Door raises $400mn to develop sustainable energy projects

By Shilpa Annie Joseph, Official Reporter
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Yellow Door Energy
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Dubai-based sustainable energy company, Yellow Door Energy has closed a $400 million equity raise in order to continue its development of sustainable energy projects in the Middle East and Africa (MEA) region.

The company said in a statement that a substantial part of the funding was provided by Yellow Door’s majority shareholder Actis, a global investor in sustainable infrastructure, while existing shareholders International Finance Corporation (IFC), Mitsui & Co., and the Arab Petroleum Investments Corporation (APICORP) also increased their equity commitments.

The investment also includes a purchase of current shares, enabling the company’s initial investors to exit, as per the statement.

Jeremy Crane
Jeremy Crane
CEO – Yellow Door Energy

“This substantial investment will enable Yellow Door Energy to rapidly expand into new countries and deploy over $1 billion in projects across the region. We wholeheartedly welcome Actis as our majority shareholder and look forward to a fruitful collaboration. We would also like to express our gratitude to our existing shareholders – IFC, Mitsui, and APICORP – for their continued investment and support for our business model of providing affordable, reliable, and sustainable energy to visionary companies in the MEA region and beyond.”

With operations in the UAE, Jordan, Pakistan, Saudi Arabia, Bahrain, and South Africa, Yellow Door Energy has one of the largest commercial and industrial project portfolios in the region, with 106 megawatts in operation and 104 megawatts awarded and under construction.

The company has key existing relationships with a large customer base of over 50 companies, including multi-national businesses such as Nestlé, Majid Al Futtaim, DHL, Mondelēz, and Unilever.

Mr. Nalin Nayyar, CFO of Yellow Door Energy, said that, “Our shareholders understand the importance of patient capital when investing in sustainable long-term infrastructure projects. With over $400 million in equity expected, Yellow Door Energy is fully funded and well positioned for the next phase of the company’s growth.”

“We’re excited about the opportunity our partnership with Yellow Door Energy presents to contribute to the MEA region’s transition away from fossil fuels by deploying new solar PV technology. We see a clear opportunity to help Yellow Door Energy continue its growth journey and to build the region’s distributed solar sustainability leader,” commented Ms. Lucy Heintz, Partner and Head of Energy Infrastructure at Actis.

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