Dubai-based Yellow Door Energy (YDE), a provider of solar energy solutions in the Middle East and Africa, has raised $65 million from international investors in Series A funding, its chief executive said.
“This amount is going to provide the growth capital that we need to expand our operations in the Middle East, Africa, and South Asia,” he said adding that the firm, which is a developer of solar projects, aims to build 300 megawatts of solar installations in the next two years.
“We plan a further raise within 24 months, before the end of 2020. We expect we’ll be doing a similar or larger raise at that point,” he added.
One of the key investors is World Bank member, the International Finance Corporation, a global organisation that funds private sector firms in emerging markets.
Another investor is development bank Arab Petroleum Investments Corporation(APICORP) which provides equity investments and finances projects in the energy sector.
The other investors are Japanase investment and trading firm Mitsui, Norway’s corporate venture fund Equinor Energy Ventures, and Adenium Energy Capital - a Dubai-based investment company focused on renewable energy and also a founding investor in YDE.