Yellow Door Energy- a solar energy company based in Dubai, has reportedly raised USD 31.2 million in funds to facilitate the construction and operation of eight solar PV plants across Jordan. For the record, the loan has been extended by the European Bank for Reconstruction and Development and DEG to construct and operate eight plants in Jordan.
In a statement by Yellow Door Energy, the funding has been bifurcated into three parts, with USD 10.6 million being offered in local currency, along with a loan mobilized by the bank of nearly USD 5 million provided by the Global Environment Facility as well as a senior loan of USD 15.6 million in the form of local currency from the German development finance institution- DEG.
Citing sources, these proposed eight plants will supply electricity generated to five private consumers, namely- Carrefour supermarkets, Umniah – telecommunications industry, Classic Fashion, Safeway supermarkets, and Taj Mall.
Seemingly, a total of 48.3MWp of renewable energy capacity will be added to the region’s existing power system, generating more than 81GWh of renewable energy each year during the course of the project. Moreover, the plants are likely to reduce the total carbon dioxide emission levels by over 49,000 tons annually.
As per reliable sources, the proposed project has been designed under a unique structure that collects the risks inherent to the development and construction of commercial solar projects. This solar PV project is one of the largest private-to-private renewable projects which includes the direct supply to the private sector under the Wheeling Regulations of Jordan.
In addition to the above, the project has been registered with the Verified Carbon Standard (VCS) by Verra, a prominent global voluntary GHG scheme, and will also benefit from the support offered by Spain in terms of technical assistance to support the establishment of digitalized monitoring, reporting, verification, and result-led payments to monetize its carbon reductions.
Apparently, the emission savings will be administered and reported via the advanced D-MRV system which is being developed by the EBRD which will allow the verification of climate impacts in a strong, transparent, and automated manner.