MENA needs investments worth $97bn in renewable energy over next 5 years: APICORP

By Rahul Vaimal, Associate Editor
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The Arab Petroleum Investments Corporation (APICORP) has revealed that out of the $237 billion investment required in the Middle East North Africa (MENA) region’s power sector over the next five years, $97 billion will be in the renewables sector.

Founded in 1975 by the 10 Member States of OAPEC (Organization of Arab Petroleum Exporting Countries) to support the growth of the Arab world’s energy industries, the investment company announced that it has signed a $50 million revolving construction facility with UAE-based Yellow Door Energy, a leading provider of sustainable energy for businesses, to build solar PV plants in the region.

The first utilization of the financing would be for solar photovoltaic (PV) projects in Jordan, where Yellow Door Energy is currently operating and constructing 79MW (MegaWatt) of solar PV projects across the country, the largest such portfolio of any company operating there, APICORP said in a statement.

Yellow Door Energy currently has over 110 megawatts of solar assets operating and under development in the UAE, Jordan and Pakistan, with recent expansions into Saudi Arabia, Bahrain, and Oman. It is one of APICORP’s investor companies. $65 million was invested in Yellow Door Energy by the corporation and a group of international and regional banks in 2019 to scale up investments in solar energy and efficiency solutions in emerging markets.

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Dr. Ahmed Ali Attiga

“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. APICORP’s financing portfolio is now over 15 percent green and we are looking to continue to increase this as we move towards our strategic priorities for the energy transition.”

He added that the revolving construction facility demonstrates APICORP’s commitment to accelerate sustainable energy transition in the region.

Jeremy Crane, CEO of Yellow Door Energy, said with over $50 million of solar and energy efficiency projects currently under construction, the company continues to be the leader in the region’s 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.”