With business playing an increasingly prominent role in driving solar power adoption, news has broken of two financing deals in Dubai which are focused on commercial and industrial (C&I) markets.
Emirati solar developer Yellow Door Energy has closed a $65 million financing round to expand its C&I solar leasing and energy efficiency activity. And Dubai peer Adenium claims to have signed off on the Middle East’s first renewable project for industrial self-consumption and net metering financed on a non recourse basis – meaning the plant is used as entire collateral for the loan.
Having secured backing from the International Finance Corporation, Mitsui, Equinor, APICORP and Adenium, a spokesperson for Yellow Door told pv magazine it is examining opportunities in Egypt, Kenya, Pakistan, Saudi Arabia, Oman and Bahrain, on top of commitments to invest $70 million in Jordan this year and $20 million in its domestic market.
Announcing the financing round, Yellow Door CEO Jeremy Crane said: “We aim to build 300 MW of solar in the next two years, benefiting hundreds of businesses and the broader economy.”
The press release announcing the Yellow Door funding round did not reveal the scale of Adenium’s commitment but the latter, also based in Dubai, has announced it expects to start commercial operation of a 15.6 MW solar project at Rashadeya in Jordan in the second quarter of this year.
Adenium revealed yesterday it had borrowed from Arab Bank in November to develop the project, which will sell energy to a Lafarge Cement factory on a 15-year, take-or-pay basis. The risk to the offtaker is mitigated by a net metering element which means any unused electricity can be fed into the Jordanian grid – although news has just broken that the nation’s electricity infrastructure is creaking.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
2 comments
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.