Utilities Middle East – August 2019

(Kiana) #1
The most attractive and
exciting markets for us
right now are Pakistan
and Egypt. The two coun-
tries have faced differ-
ent economic challenges
recently. In Pakistan, there
is a strong need for growth
in energy supply, they
have limited conventional
resources since they are a
large importer of oil and
Jeremy Crane, Yellow Door Energy

based investment company focused on renew-
able energy.
While the company itself is upbeat about
its own business expansion, the new round of
funding is a vote of confi dence for a sub-sec-
tor that has until recently attracted impervious
responses from fi nancial institutions.
Since its formation four years ago, Yellow
Door Energy has succeeded in bridging the
huge divide that existed between mega-util-
ity solar projects and commercial-scale solar
projects through its solar leases, also known as
solar power purchase agreements (PPAs). With
a solar lease, commercial and industrial com-
panies can improve the effi ciencies of their
businesses and reduce their carbon emissions,
all without any capital expense.
With 56 megawatts (MW) installed and
under construction, and an additional 40 MW
signed, Yellow Door Energy has already posi-
tioned itself as the leader in the solar equip-
m e n t m a r k e t i n t h e U n i t e d A r a b E m i r a t e s ( U A E )
and Jordan.
The company is now actively pursuing
opportunities for distributed solar energy
across the region from Pakistan, through the
M i d d l e E a s t t o E g y p t.
“This equity is going to provide the growth
c a p i t a l t h a t w e n e e d t o e x p a n d o u r o p e r a t i o n s
in the Middle East, Africa, and South Asia,” says
C r a n e , a d d i n g t h a t Ye l l o w D o o r E n e r g y a i m s t o
build 300 MW of solar in the next two years.
“The most attractive new markets for us
right now are Pakistan and Egypt. The two
countries have faced diff erent economic chal-
lenges recently. In Pakistan, there is a strong
n e e d f o r g r o w t h i n e n e r g y s u p p l y, t h e y h a v e
limited conventional resources since they are a
large importer of oil and gas.
“By providing clean energy to businesses in
P a k i s t a n , w e a r e a b l e t o m a k e t h e m m o r e c o m -

petitive, we are able to reduce the government’s
reliance on foreign imports of conventional
fuels, both very positive for the economy of the
Crane says that the sheer size of the Paki-
stani market is a massive growth opportunity
for Yellow Door Energy. But while he is excited,
he is also cognisant of the existing challenges
in the country since solar PPAs for commer-
cial and industrial establishments is a relatively
new concept.
With the cost of power in Egypt going up by
about 20% every year along with the rising cost of
fuel, the motivation for solar has increased. Busi-

raises in record for a Middle Eastern solar com-
pany, and the second largest venture funding in
the region in 2019.
The investors include the International
Finance Corporation (IFC), Arab Petroleum
Investments Corporation (APICORP), Japanese
investment and trading fi rm Mitsui, Norway’s
corporate venture fund Equinor Energy Ven-
tures, and Adenium Energy Capital - a Dubai-

CEO, Yellow
Door Energy

264 kWp
Rooftop Solar
Plant at Kamal
Osman Jamjoom
Group Head Offi ce,
Dubai Industrial

http://www.utilities-me.com August 2019 / Utilities Middle East 21


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