APICORP signs solar lease and shared energy savings agreements with Yellow Door Energy
New fittings expected to generate 718 MWh of clean energy and cut carbon emissions by 2,000 tonnes in the first year
In line with its commitment to promote long-term sustainability and green initiatives, the Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced today that it signed two agreements with Yellow Door Energy (YDE), a leading sustainable energy solutions provider in the Middle East, to install solar panels at APICORP’s headquarters in Dammam and retrofit the building with energy-efficient technologies.
The agreements mark YDE’s first project in Saudi Arabia, demonstrating the company’s exponential growth in the region. Expected to be completed by end of 2020, the new fittings will cut APICORP’s carbon emissions by 2,000 tonnes and generate up to 718 MWh of clean energy, as well as significantly reduce energy consumption by 35%.
YDE’s energy efficiency solutions at APICORP headquarters include retrofitting and optimising the air conditioning and chiller systems, as well as installing over 3,500 LED light bulbs with smart control. YDE will also install a rooftop solar plant that spans 4,300 square metres, fitted with a customised mounting structure to accommodate the roof’s unique wave design.
Commenting on the agreement, Dr. Ahmed Ali Attiga, CEO of APICORP, said: “We are delighted to work with Yellow Door Energy, one of our investee companies, on this important initiative that demonstrates our commitment to sustainability and environmentally-friendly practices in all aspects of APICORP’s operations. By investing in green initiatives, we hope to lead by example and contribute in a tangible and impactful way to making this planet a better place to live for future generations.”
Jeremy Crane, CEO and Co-Founder of Yellow Door Energy, added: “Yellow Door Energy is honoured to contribute to the Kingdom of Saudi Arabia’s renewable energy target as part of Vision 2030. Our solar lease and shared energy savings contracts with APICORP are our company’s first of hopefully many projects in the Kingdom. We congratulate APICORP on this forward-thinking initiative and sustainability leadership.”
In 2019, APICORP and a consortium of international and regional banks invested USD65 million in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets. YDE currently has over 100 megawatts of solar assets in development in the UAE, Jordan, Pakistan and Egypt.
As per the Saudi Arabia’s Ministry of Energy, the country is pursuing an ambitious renewable power strategy that includes plans to add 60 gigawatts of clean energy capacity to the national grid by 2030. Of this, 40GW will come from solar photovoltaic plants, 16GW from wind turbines and 2.7GW from concentrated solar power.