Dubai-based solar platform Yellow Door Energy Ltd (YDE) has closed a USD-400-million (EUR 412.2m) equity raise, securing the capital needed to fully fund its business plan for the next five years.
“This substantial investment will enable Yellow Door Energy to rapidly expand into new countries and deploy over USD 1 billion in projects across the region,” the company’s CEO and founder Jeremy Crane noted in a press release on Wednesday.
The fresh capital attracted was provided mostly by YDE’s newest and now controlling shareholder Actis. The UK-based growth markets investor struck a deal to acquire a controlling interest in YDE at the end of July.
Existing backers International Finance Corporation (IFC), Mitsui & Co Ltd and APICORP also participated in the financing round, increasing their equity commitments. The fund-raising transaction also saw the sale of existing shares, allowing initial investors to cash in on their bets.
Founded in 2015, Yellow Door Energy operates a portfolio of 106 MW in operation and 104 MW awarded and under construction. The company is active in the UAE, Jordan, Pakistan, Saudi Arabia, Bahrain and South Africa, servicing over 50 companies, such as Nestle, Majid Al Futtaim, DHL, Mondelez and Unilever.