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UAE’s Yellow Door Energy raises $65m in Series A

UAE-based leading solar developer, Yellow Door Energy announced that it has raised $65 million in Series A round from International Finance Corporation (IFC), a World Bank member, Mitsui & Co., Ltd., Equinor Energy Ventures, Arab Petroleum Investments Corporation, UAE-based Adenium Energy Capital (Adenium).

Considered one of Middle East’s largest private placements in distributed solar, Yellow Door Energy will be using the funds to scale their investments in solar energy and energy efficiency solutions in the Middle East and Africa.

In case you’re wondering, the company 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.

Jeremy Crane, CEO, and Co-Founder of Yellow Door Energy commented: “The funding validates our company’s vision of powering emerging economies reliably, efficiently and sustainably. It enables us to scale our energy platform from the Middle East to Africa and Asia.”

He adds that they aim to build 300 megawatts of solar in the next 2 years, to benefit hundreds of businesses and the broader economy. “We are excited that prestigious global investors believe in our company’s credibility, commitment, and customer-centric offerings,” he said.

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