The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has signed two agreements with Yellow Door Energy to install a rooftop solar system at APICORP’s headquarters in Dammam and retrofit the building with energy-efficient technologies.
According to the company’s statement, the new fittings will cut APICORP’s carbon emissions by 2,000 tons and generate up to 718 MWh of clean energy and reduce energy consumption by 35%.
“The solar lease agreement on the roof of APICORP’s headquarters in Dammam will generate 718 MWh of clean energy in the first year of operation and will have a customized mounting structure to accommodate the roof’s wavy design,” a spokesperson of the company told Mercom.
The agreements mark Yellow Door’s first project in Saudi Arabia and are expected to be completed by the end of 2020.
“More exact dates will be disclosed as soon as we’re permitted to make them public,” the spokesperson added.
The company’s energy efficiency solutions at APICORP headquarters include retrofitting and optimizing the air conditioning and chiller systems, as well as installing over 3,500 LED light bulbs with smart control.
“Yellow Door will also install a rooftop solar project that spans 4,300 square meters,” states the company.
In 2019, APICORP and a consortium of international and regional banks invested $65 million in Yellow Door Energy to scale up investments in solar energy and efficiency solutions in emerging markets. YDE currently has over 100 MW of solar assets in development in the UAE, Jordan, Pakistan, and Egypt.
Meanwhile, Saudi Arabia is pursuing an ambitious renewable power strategy that includes plans to add 60 GW of clean energy capacity to the national grid by 2030. Of this, 40 GW will come from solar projects, 16 GW from wind turbines, and 2.7 GW from concentrated solar power.
Recently, Mercom reported that the Ministry of Energy of Saudi Arabia issued the request for qualification for four solar projects with a cumulative capacity of 1,200 MW. The projects fall under the Kingdom’s National Renewable Energy Program.
In May 2019, it was reported that Arab Petroleum Investments Corporation, signed a strategic five-year Murabaha financing facility worth $75 million with Alfanar Company, a developer and engineering procurement construction company for renewable energy.
Image credit: Yellow Door Energy
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.