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Dubai, United Arab Emirates, January 28, 2019—
IFC, a member of the World Bank Group, and the IFC Middle East and North Africa (MENA) Fund, a fund managed by IFC Asset Management Company, LLC (AMC), are investing $19 million in equity in Yellow Door Energy. The investment will support the deployment of lease-to-own rooftop and ground-mounted solar-power and energy-efficiency solutions to commercial and industrial customers in Jordan, UAE, and beyond.
The investment is part of a $65 million financing package that Yellow Door Energy is raising from a group of investors. IFC will provide $5 million from its own account, and the IFC MENA Fund will invest $14 million. The investment will help this leading solar-power developer expand operations into Pakistan, growing its presence across the Middle East beyond current markets of UAE and Jordan.
Jeremy Crane, CEO and Co-Founder of Yellow Door Energy, commented: "The funding validates our company's vision of powering emerging economies reliably, efficiently, and sustainably. It enables us to scale our energy platform from the Middle East to Africa and Asia. We aim to build 300 megawatts of solar in the next two years, benefitting hundreds of businesses and the broader economy. We are excited that prestigious global investors believe in our company's credibility, commitment, and customer-centric offerings.”
Many countries—including Jordan, Lebanon, and Pakistan—are heavily reliant on expensive and pollution-causing thermal generation for their power. Yellow Door Energy uses an innovative leasing model to help commercial and industrial businesses build and maintain ground mounted and roof-top solar arrays to lessen their reliance on local power grids. IFC and AMC’s investment will help local businesses tap into a clean, reliable supply of energy while demonstrating the potential of small-scale solar systems in Pakistan and other countries suffering from power shortages.
“Our investment in Yellow Door Energy will provide much-needed clean power across a region in need of sustainable, affordable power,” said Marcos Brujis, Chief Executive Officer, IFC Asset Management Company. “With this investment, we see an opportunity to create positive impact and good financial returns for our investors.”
Erik Becker, IFC Manager of Infrastructure and Natural Resources in the Middle East and North Africa, said: “Lack of economical power supply is hurting businesses large and small, stifling economic growth, and contributing to unemployment across the region. Yellow Door Energy’s business model will help companies reduce energy costs and lower their carbon emissions—a strategic objective of IFC in the region.”
Other investors include Mitsui & Co., Equinor ASA, Arab Petroleum Investments Corporation (Apicorp), and Adenium Energy Capital, the founding investor of Yellow Door Energy.
About IFC
IFC, a sister organization of the World Bank and member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
About IFC Asset Management Company
IFC Asset Management Company, LLC, a wholly owned subsidiary of IFC, mobilizes and manages capital to invest in businesses in developing and frontier markets. Created in 2009, AMC provides leading institutional investors with unique access to IFC’s emerging markets investment pipeline and investment expertise, while providing positive development impact in the countries in which it invests. AMC funds’ investors include sovereign wealth funds, pension funds, and development-finance institutions. It has raised approximately $10 billion across 13 investment funds covering equity, debt, and fund-of-fund products. For more information, visit
www.ifcamc.org
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