Yellow Door Energy, a UAE-based renewable energy developer, secured $31.2 million in loans from multilateral lenders for the development of solar projects in Jordan.
The European Bank for Reconstruction and Development (EBRD) and German Investment Corporation (DEG) have agreed to provide $10.6m in local currency for the development of eight solar photovoltaic plants in Jordan.
The EBRD financing is backed by a loan of up to $5m provided by the Global Environment Facility as well as a parallel $15.6m senior loan in local currency from the DEG as well as an equity contribution from Yellow Door Energy.
Spain, through the European Union, will also provide results-based payments of up to €1.5m as well as technical assistance.
The solar PV plants under development will supply all the power needs of Umniah, Carrefour supermarkets, Safeway supermarkets and Taj Mall, as well as Classic Fashion.
"In total, 48.3 megawatts per hour of renewable energy capacity will be added to Jordan’s power system, generating over 81 gigawatts per hour of renewable electricity per year during the lifetime of the project," the company said in a statement.
The scheme is expected to lower carbon dioxide emissions by more than 49,000 tonnes annually.
The development will be the largest such portfolio of projects serving solar power to private entities under Jordan's regulations, allowing customers to establish and lease or own their own renewable energy plants.
HSBC acted as the offshore bank and security agent, while Arab Bank was the onshore bank and security agent.
Yellow Door Energy operates solar photovoltaic projects in the UAE, Saudi Arabia, Egypt, Jordan and Pakistan and has clean energy assets worth $100m.
The company, which was spun-off from Middle East-focused solar energy investor Adenium Energy Capital in 2015, counts the International Finance Corporation, Mitsui & Co, Norway's Equinor Energy Ventures and Dammam-based Arab Petroleum Investments Corporation (Apicorp) among its investors.
In an interview with The National in January, chief executive Jeremy Crane said the firm plans to add $100m worth of renewable energy assets this year, as it looks to grow its portfolio to $1 billion by 2025.