Rise Light & Power proposes 3.9-GW offshore wind interconnection in NYC
Aug 17, 2022 17:23 CESTAugust 1 (Renewables Now) - Private equity firm Actis has struck a deal to acquire a controlling interest in Dubai-based solar platform Yellow Door Energy Ltd with over 200 MW of secured production capacity.
Yellow Door Energy provides solar systems and energy efficiency solutions to commercial and industrial customers in the Middle East and South Asia. It has a portfolio of 106 MW of solar capacity in operation, 104 MW of awarded projects and plants under construction and targets to reach more than 1 GW of distributed solar and related energy solutions to customers in the region. The company's customer base includes more than 50 businesses such as Nestle, Majid Al Futtaim, DHL, Mondelez and Unilever.
The transaction, whose financial details are confidential, is subject to regulatory approvals, Actis said on Friday.
After the deal, Actis will seek to scale the business the speed up its growth to make Yellow Door Energy the region’s distributed solar sustainability leader.
"This investment from Actis, complemented by increased investments from our current shareholders, Mitsui & Co., Ltd., APICORP, and IFC, is an attestation to the success of our company. [...] This investment will enable us to scale geographically through both direct and M&A activities,” said Yellow Door Energy's founder and chief executive Jeremy Crane.
Energy 5 Fund, Actis’ energy fund that will finance the acquisition, has already invested in over 70 renewable energy projects to date, generating some 11 GW of green energy globally.
In July, Actis and renewables developer Mainstream Renewable Power agreed to sell their African renewables platform Lekela Power to Infinity Group and Africa Finance Corporation (AFC) in a deal with an enterprise value of about USD 1.5 billion (EUR 1.47bn).
(USD 1 = EUR 0.981)
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