Environment

Grows Portfolio with an Additional 23.5 Megawatts-Peak of Capacity Solidifies Commitment to Net Zero Targets Across MEA Region

Yellow Door Energy, the leading sustainable energy partner for businesses in the Middle East and Africa, has announced its results for the first half of 2024, highlighting significant growth and expansion. The company successfully commissioned 14 new solar power plants across the UAE, Bahrain, and Oman, adding 20 megawatts-peak (MWp) to its expanding portfolio. Additionally, Yellow Door Energy acquired five operating projects in Oman, bringing an additional 3.5 MWp of capacity.

In H1 2024, the company secured USD 28 million in debt financing, reinforcing its commitment to providing solar leases and renewable energy solutions to commercial and industrial businesses. This funding builds on the USD 400 million in equity raised in 2022, further supporting the development of sustainable energy projects across the Middle East and Africa.

With over 240 MWp of projects in various stages of operation, construction, and planning, Yellow Door Energy has solidified its position as the top solar company in the region. These projects are developed through innovative solar leases or power purchase agreements (PPAs), enabling businesses to transition to solar power and significantly reduce electricity costs without any upfront capital expenditure.

The new solar power plants feature 46,000 solar panels utilizing rooftop, ground-mounted, and carport solar applications. The construction of these plants involved more than 260,000 person-hours, all completed with zero recordable incidents, demonstrating the company's commitment to rigorous quality, health, safety, security, and environmental (QHSSE) practices.

Jeremy Crane, Group CEO of Yellow Door Energy, commented, "In the first six months of 2024, we added 19 solar power projects across three countries to our operational portfolio. Our rapid execution and delivery are a testament to seamless collaboration among our team members and contractors, and the support of ambitious governmental Net Zero targets. I extend my sincere thanks to all who have worked tirelessly to accelerate the Just Transition. This is only the beginning, as we have numerous projects planned for construction throughout the rest of 2024.”

To date, Yellow Door Energy’s operational projects have generated 693,000 megawatt-hours of clean electricity, enough to power 34,000 Dubai homes or charge 380,000 smartphones for a year. This achievement equates to a reduction in carbon emissions by 484,000 metric tons, aligning with the ambitious Net Zero strategies and clean energy goals of GCC countries.

• Tags
• #Business
• #Magazine
• #Lifestyle