British private equity firm Actis will acquire a controlling stake in Dubai-based renewable energy developer Yellow Door Energy, as demand for renewable energy resources rises worldwide.
Actis has signed definitive transaction documents for the deal, which is subject to regulatory approvals, the company said in a statement on Thursday.
The transaction will be funded through Actis’s Energy 5 Fund, its latest energy fund with $6 billion of investable capital.
“This [acquisition] presents an exciting opportunity to scale the business, and where we see a clear opportunity and large addressable market”, Lucy Heintz, partner and head of energy infrastructure at Actis, said.
“Our strategy is to build the business into the region’s distributed solar sustainability leader.”
Actis will apply its buy-and-build power strategy to scale the business and accelerate growth, it said. The company has invested in more than 70 renewable energy projects to date, generating approximately 11 gigawatts of renewable energy globally.
Yellow Door Energy, which is backed by multilateral lenders including the International Finance Corporation, Mitsui, Norway's Equinor Energy Ventures and Dammam-based Arab Petroleum Investments Corporation (Apicorp), has about 200 megawatts of secured production capacity.
More than 90 per cent of energy supply in the Middle East is dependent on fossil fuels, Actis said, adding that renewable technology deployment is a key enabler for businesses to achieve low-carbon transition strategies.
Yellow Door Energy has one of the few operating commercial and industrial portfolios of scale in the region with 106MW in operation and 104MW awarded and under construction, the statement said.
The UAE company has the capability to offer customers a power supply that is more economical and sustainable than the grid with 10 per cent to 50 per cent power cost savings for customers.
“I look forward to continuing our mission to provide clean, affordable and reliable energy to businesses in the MEA [Middle East and Africa] region”, said Jeremy Crane, founder and chief executive of Yellow Door Energy.
This [the acquisition] presents an exciting opportunity to scale the business, and where we see a clear opportunity and large addressable market
Lucy Heintz,
partner and head of energy infrastructure at Actis
In the region, the company has key existing relationships, with a large customer base of more than 50 organisations, including sought after blue-chip businesses such as Nestle, Majid Al Futtaim, DHL, Mondelez and Unilever.
Yellow Door Energy, which was spun off from Middle East-focused solar energy investor Adenium Energy Capital in 2015, operates solar photovoltaic projects in the UAE, Saudi Arabia, Bahrain, Egypt, Jordan and Pakistan.
“We believe having a reputable partner such as Actis will propel the company to the next stage of its growth”, said Khalid Al Ruwaigh, chief executive of Apicorp.
“We look forward to supporting their further growth as a leader in bringing clean energy technology to their customers throughout the region”, said Lance Crist, IFC’s global head of infrastructure equity.
Actis recently successfully realised three major energy investments in Latin America — comprising the largest independent renewable energy platform in Brazil, the largest renewable energy independent power provider (IPP) in Chile and a leading IPP in Mexico.
In April, Actis signed an agreement to sell Sprng Energy, one of India’s largest renewable energy companies.
Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Draw for Europa League last-16
Istanbul Basaksehir v Copenhagen; Olympiakos Piraeus v Wolverhampton Wanderers
Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe
Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
