EBRD, GEF and DEG Provide $31.2 Million Loan to Yellow Door for Solar Projects in Jordan

Yellow Door Energy will develop a portfolio of eight solar projects with a capacity of 48.3 MW

thumbnail

The European Bank for Reconstruction and Development (EBRD) and DEG have provided a $10.6 million loan in local currency to Yellow Door Energy, a UAE-based renewable energy company, to develop and operate a portfolio of eight solar projects in Jordan.

The bank also mobilized $5 million provided by the Global Environment Facility. DEG, the German development finance institution, and an equity contributor in Yellow Door Energy, provided $15.6 million in senior loans for these projects.

The projects, with a total capacity of 48.3 MW capacity, will generate around 81 GWh of renewable energy while reducing 49,000 tons of carbon dioxide emissions annually. The generated electricity will be supplied to Umniah, Carrefour supermarkets, Safeway Supermarkets, Taj Mall, and Classic Fashion.

Spain will provide technical assistance to establish a digitalized monitoring, reporting, and verification system (D-MRV) and result-based payments of up to €1.5 million (~$1.79 million) to monetize greenhouse gas emission reductions of the portfolio. The portfolio is also registered with Verra’s Verification Carbon Standard, a global voluntary greenhouse gas emissions reduction program.

“Historically, Jordan has been reliant on hydrocarbon imports to meet its energy needs. Over the last decade, the country has developed its renewable energy sector, particularly solar, in order to remove the dependence on imported hydrocarbons and reduce their environmental impact,” EBRD said.

Currently, Jordan generates around 20% of its energy from renewable energy resources, exceeding its target of 10% of renewable energy generation. The country has set a new renewable energy generation target of 30% by 2030.

Yellow Door Energy said that it had around 110 MW of solar projects in the Middle East and South Asia. The company’s shareholders include the International Finance Corporation, Mitsui, Equinor, and Arab Petroleum Investment Corporation.

EBRD said that it had provided over €1.4 billion (~$1.67 billion) in funding for 54 projects in Jordan since 2012.

Last year, Arab Petroleum Investments Corporation, a multilateral development financing institution, announced that it would provide a $50 million (~₹3.6 billion) revolving construction facility to Yellow Door Energy.

Mercom had earlier reported that EBRD would provide a financing package of up to $35 million to Kawar Investments to develop a 37 MW solar project in Jordan.

RELATED POSTS

thumbnail
Top 5 States for Open Access Solar Installations in CY 2022

India added an impressive 2.5 GW open access solar capacity in 2022, registering a growth of 92% year-over-year (YoY), according to the 2022 Q4 & Annual Mercom India Solar Open Access Market Report. Karnataka emerged as the to...

March 23, 2023

Markets & Policy

Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules

The Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements betwe...

March 24, 2023

C&I

In Bengaluru, a 100 kW Solar System Can Save C&I Entities ₹1 Million Annually

Mercom India successfully concluded the C&I Clean Energy Meet 2023 in Bengaluru, where stakeholders in the solar sector and commercial and industrial entities converged to enthusiastically discuss the benefits of renewable ene...

March 24, 2023

Other

Gensol Acquires Solar Tracker Maker Scorpius for ₹1.35 Billion

Gensol Engineering, a part of solar engineering, procurement, and construction (EPC) company Gensol Group, has acquired India-based solar tracker manufacturer Scorpius Trackers for ₹1.35 billion ($16.4 million). Gensol said the ac...

March 23, 2023

Magazine

DON'T MISS AN ISSUE!

Mercom Cleantech Magazine

Get Your Copy Today!

magazines

Latest News

thumbnail
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules

The Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements...

March 24, 2023

thumbnail
Intra-State Sections of Evacuation Infrastructure for Renewables Delayed

The Ministry of New and Renewable Energy (MNRE) told the Parliamentary Standing Committee on Energy that the intra-state stretches of the Green Energy Corridor (GEC) have been delayed due to various reasons, including...

March 24, 2023

thumbnail
EnBW Takes €2.4 Billion Final Investment Decision on Offshore Wind Project

German electric utility company Energie Baden-Wuerttemberg (EnBW) has made its final €2.4 billion (~$2.6 billion) investment decision on He Dreiht, a major wind project in the German North Sea. The project has a capacity of 960...

March 24, 2023

thumbnail
India Missed 2022 Renewables Target as Rooftop Solar and Wind fell Short

The Parliamentary Standing Committee on Energy report has isolated underwhelming progress on rooftop solar and wind energy projects as the primary reason for India falling short of achieving its renewable energy capacity target...

March 24, 2023

thumbnail
Researchers Aim to Accelerate Delivery of Space-Based Solar Power to Earth

Researchers at Northumbria University are studying ways of producing wireless electricity from space to Earth by harvesting the Sun’s energy. U.S.-based aerospace, defense, and information security organization Lockheed Martin...

March 24, 2023

thumbnail
Regulator Directs Wind Energy Firm, MSEDCL, to Recompute Delayed Payment Charge

The Maharashtra Electricity Regulatory Commission (MERC) recently directed Hindustan Petroleum Corporation (HPCL) and the Maharashtra State Electricity Distribution Company (MSEDCL) to recompute the delayed payment charge from...

March 24, 2023

thumbnail
One-Step Coating Could Make Perovskite Solar Cells Commercially Viable

The National Renewable Energy Laboratory (NREL) has devised a new way to produce perovskite solar cells that could speed its commercialization. Different layers are typically added sequentially to a conductive glass substrate to...

March 24, 2023

thumbnail
ACWA Power to Develop Solar and Energy Storage Projects in Uzbekistan

Saudi Arabia-based energy company ACWA Power has signed power purchase and investment agreements with  National Electric Grid of Uzbekistan, and the Ministry of Investment, Industry, and Trade to develop new solar and battery...

March 24, 2023

thumbnail
China Securities Regulatory Commission Approves Canadian Solar’s IPO

The China Securities Regulatory Commission has approved the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker Canadian Solar, to issue an initial public offering (IPO). The...

March 24, 2023

thumbnail
Renewables Accounted for 83% of the Total Generation Capacity Added in 2022

Renewable capacity grew by 9.6% in 2022, adding a record 295 GW worldwide. This accounts for 83% of all power capacity added last year and brings the global renewable generation capacity to 3,372 GW by the end of last year, a...

March 24, 2023

MORE NEWS