Leeward Renewable Energy Closes Over $600 Million Funding for US Solar Projects

Yellow Door Energy, a UAE-based solar developer, announced the closing of $400 million equity to continue its development of sustainable energy projects in the Middle East, Africa, and beyond.

The investment also includes purchasing current shares, enabling the company’s initial investors to exit. The funding is substantially provided by YDE’s newest and now controlling shareholder, Actis, with existing shareholders International Finance Corporation (IFC), Mitsui, and APICORP also increasing their equity commitments.

Yellow Door plans to deploy over $1 billion worth of projects in the Middle East, Africa, and beyond with this transaction.

Jeremy Crane, CEO and Founder of Yellow Door Energy said: “This substantial investment will enable Yellow Door Energy to rapidly expand into new countries and deploy over $1 billion in projects across the region. We wholeheartedly welcome Actis as our majority shareholder and look forward to a fruitful collaboration. We would also like to express our gratitude to our existing shareholders – IFC, Mitsui, and APICORP – for their continued investment and support for our business model of providing affordable, reliable, and sustainable energy to visionary companies in the MEA region and beyond.”

Lucy Heintz, Partner and Head of Energy Infrastructure at Actis, said: “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. We see a clear opportunity to help Yellow Door Energy continue its growth journey and to build the region’s distributed solar sustainability leader.”

According to Mercom’s recently released 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, venture capital (VC) funding activity rose 150%, with $5.5 billion in 72 deals compared to the $2.2 billion raised in 39 deals in 9M 2021. Ojjo, a developer and manufacturer of next-generation solar foundations, recently secured $40 million in a Series C funding round led by NGP ETP, the energy transition investing platform of NGP, with Ajax Strategies.