January 28 (Renewables Now) - UAE-based solar developer Yellow Door Energy announced today it has raised USD 65 million (EUR 56.9m) in a Series A financing round to introduce its distributed solar and energy efficiency offerings to new markets.
The participants in this financing round include the World Bank’s International Finance Corporation (IFC), Japanese trader Mitsui & Co Ltd (TYO:8031), the venture capital arm of Norwegian oil and gas major Equinor ASA (NYSE:EQNR), Arab Petroleum Investments Corporation (APICORP) and UAE-based Adenium Energy Capital.
Yellow Door Energy was founded in Dubai in 2015 to provide solar leases and energy savings contracts to commercial and industrial customers in the Middle East and Africa, including multinational corporations in consumer goods, retail and logistics. Since last year the company has doubled its revenue, according to the announcement.
Jeremy Crane, CEO and co-founder of Yellow Door Energy, commented that the fresh funding enables the company to scale its energy platform from the Middle East to Africa and Asia. “We aim to build 300 megawatts of solar in the next 2 years, benefitting hundreds of businesses and the broader economy,” he added.
(USD 1.0 = EUR 0.876)