The investment comes from IFC, Mitsui, Equinor, APICORP and Adenium and will be used to expand distributed solar and energy efficiency solutions into new markets, enabling long-term sustainable growth
Yellow Door Energy, a UAE-based leading solar developer, announced today that it has raised $65 million in Series A financing to scale its investments in solar energy and energy efficiency solutions in the Middle East and Africa. This is one of the Middle East’s largest private placements in distributed solar.
The investment comes from International Finance Corporation (IFC), a World Bank member, Mitsui & Co., Ltd. (Mitsui), Equinor Energy Ventures (Equinor), Arab Petroleum Investments Corporation (APICORP), and UAE-based Adenium Energy Capital (Adenium), the founding investor of Yellow Door Energy since 2015.
The funding marks an important milestone for Yellow Door Energy, which has doubled its revenue since last year and has an impressive portfolio of customers including multinational corporations in consumer goods, retail, logistics, among many others. Yellow Door Energy provides solar leases and energy savings contracts to commercial and industrial businesses to help them reduce energy costs, improve power reliability and lower carbon emissions.