Apicorp, the Arab Petroleum Investments Corporation has signed two agreements with sustainable energy company, Yellow Door Energy (YDE) to install solar panels and energy efficient retrofitting at its Dammam HQ in Saudi Arabia.
This agreement marks YDE’s first project in Saudi Arabia, and is expected to be completed by the 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 per cent.
YDE stated that its energy-efficiency solutions at Apicorp’s HQ will include retrofitting and optimising the air-conditioning and chiller systems, as well as installing over 3,500 LED light bulbs with smart control. The sustainability focused company will also install a rooftop solar plant that spans 4,300 sqm, fitted with a customised mounting structure to accommodate the roof’s unique wave design.
Dr Ahmed Ali Attiga, CEO of Apicorp, said: “We are delighted to work with YDE, 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.”
Meanwhile, Jeremy Crane, CEO and co-founder of YDE, 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.”
YDE currently has over 100 MW of solar assets in development in the UAE, Jordan, Pakistan and Egypt; Apicorp and a consortium of international and regional banks had invested $65 million in YDE to scale up investments in solar energy and efficiency solutions in emerging markets.
