MENA’s renewables investment to hit $97bln in five years

Arab Petroleum Investments Corporation (Apicorp) said on Wednesday $97 billion of the $237 billion investment required in the power sector of the Middle East North Africa region over the next five years will be in the renewables sector.

The investment company, which was established in 1975 by the 10 member states of Oapec to foster the development of the Arab world’s energy industries, announced that it has signed a $50 million revolving construction facility with the UAE-based Yellow Door Energy, a leading sustainable energy provider for businesses, to develop solar-PV plants in the region.

The first utilisation of the financing will be for solar photovoltaic (PV) projects in Jordan, where Yellow Door Energy is currently operating and building 79MW of solar PV projects across the country — the largest such portfolio of any company operating there, Apicorp said in a statement.