Meed | Bank to refinance 31 UAE solar plants

Bank to refinance 31 UAE solar plants

23 February 2023

National Bank of Fujairah (NBF) and Dubai’s homegrown distributed solar company Yellow Door Energy (YDE) have signed a facility to refinance 31 operational solar power plants with a total capacity of 39 megawatts in the UAE.

Yellow Door Energy provides solar PV solutions to commercial and industrial Middle East, Africa and South Asia customers.

According to NBF chief executive Vince Cook, the transaction is part of the bank's efforts to support businesses' environmental, social and corporate governance (ESG) endeavours and contribute to the UAE’s Cop28 ambitions and clean energy strategy.

He said the signing of the facility agreement with Yellow Door Energy aligns with "our goal of promoting lending to sustainable projects, entrepreneurs and industries".

"We trust that through this partnership, Yellow Door Energy will continue its growth and strengthen its sustainability leadership with businesses in the UAE,” Cook added.

Last year, Yellow Door Energy closed a $400m equity transaction to help fund over $ 1bn worth of projects in the Middle East and Africa region.

The funding is substantially provided by YDE’s newest and now controlling shareholder, London-headquartered private equity house Actis.

Founded in 2015 with funding from seed-stage investors, Yellow Door Energy expects revenues to exceed $20m in 2022, more than double its 2021 numbers, the company’s founder and CEO Jeremy Crane earlier told MEED.

Photo: Yellow Door Energy

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Jennifer Aguinaldo