The European Bank for Reconstruction and Development (EBRD) and German development finance group, DEG have provided a $10.6 million loan in local currency to Yellow Door Energy to develop, construct and operate a portfolio of eight solar projects in Jordan. EBRD also mobilised $5 million provided by the Global Environment Facility and DEG provided senior loans worth $15.6 million for the projects, taking the total loan value to $31.2 million. The projects will have a total installed capacity of 48.3 MW and will generate 81 GWh of renewable energy per annum. The solar projects are also expected to reduce 49,000 tonnes of carbon dioxide emissions annually. The electricity generated will be supplied to Umnaiah, Carrefour supermarkets, Safeway Supermarkets, Taj Mall, and Classic Fashion.
The projects will also be established with digitalized monitoring, reporting, and verification system and result-based payments worth up to 1.79 million to monetize the carbon reduction potential of the solar capacity. The projects will be linked with Verra’s Verification Carbon Standard, a global voluntary greenhouse gas emissions reduction program.
Yellow Door Energy has developed 110 MW of solar projects in the Middle East and South Asia. The shareholders of the company include the International Finance Corporation, Mitsui, Equinor, and Arab Petroleum Investment Corporation. As of 2021, Jordan generates around 20 per cent of its energy from renewable energy resources which is double its renewable energy portfolio target for 2020. The country had revised its renewable energy generation target of 30 per cent by 2030. EBRD has reported having provided loans worth over $1.67 billion for 54 projects in the country since 2012.