Law firm Stephenson Harwood LLP has advised Yellow Door Energy Limited (Yellow Door Energy) on a US$50 million revolving construction facility deal with Arab Petroleum Investments Corporation (APICORP). The financing will be used to develop solar photovoltaic plants across the MENA region, with a key focus on Jordan and Pakistan.
Yellow Door Energy is a UAE-based sustainable energy provider, which has more than 110 megawatts of solar assets currently operating, or under construction, in the UAE, Jordan, and Pakistan. The company, of which APICORP is a shareholder, has recently expanded its business into Saudi Arabia, Bahrain, and Oman.
"I am pleased to have led our team in successfully supporting Yellow Door Energy in its ambitions to expand its operations throughout the MENA region," said Nijoe Joseph, partner, Stephenson Harwood. "The achievement of financial close is testament to Yellow Door Energy and APICORP's vision and teams, notwithstanding the general uncertainty created by the Covid-19 pandemic."
This financing enables Yellow Door Energy to continue developing its operations in solar energy and efficiency solutions across the region, and further supports its overall growth strategy. APICORP, established in 1975, is a multilateral development financial institution.
The Stephenson Harwood team was led by partner Nijoe Joseph, who was supported by senior associate Gaurav Jain and associates Kara Conneely and Chinar Zaidi.