Renewable energy developer Yellow Door Energy has raised $400 million in a new funding round led by British private equity company Actis, the Dubai company's largest stakeholder, as it plans expansion into new markets.
The investment, which includes the purchase of current shares, will allow the company’s initial investors to exit, Yellow Door Energy said in a statement on Wednesday.
The World Bank's International Finance Corporation (IFC), Japan’s Mitsui, and Saudi Arabia's Arab Petroleum Investments Corporation (Apicorp), also increased their shareholding in Yellow Door Energy, which continues to develop sustainable energy projects in the Middle East and Africa.
After the latest funding round, the company said its business plan is now “fully funded” and that it aims to invest more than $1 billion in projects that will be funded through a combination of equity and debt securities.
“This substantial investment will enable Yellow Door Energy to rapidly expand into new countries,” said Jeremy Crane, founder and chief executive of Yellow Door Energy.
Yellow Door Energy, which was spun off from the 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.
In the region, the company has key existing relationships, with a large customer base of more than 50 organisations, including blue-chip businesses such as Nestlé, Majid Al Futtaim, DHL, Mondelez and Unilever.
In July, Actis said it would acquire a controlling stake in Yellow Door Energy during a surge in demand for renewable energy sources worldwide.
“We’re excited about the opportunity our partnership with Yellow Door Energy presents to contribute to the MEA region’s transition away from fossil fuels by deploying new solar PV technology,” said Lucy Heintz, partner and head of energy infrastructure at Actis.
“We see a clear opportunity to help Yellow Door Energy continue its growth journey and to build the region’s distributed solar sustainability leader.”
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
The%20specs
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UAE currency: the story behind the money in your pockets
