Dammam-headquartered Arab Petroleum Investments Corporation (APICORP), which is a multilateral development financial institution, has inked two agreements with Dubai-based sustainable energy solutions provider Yellow Door Energy (YDE) to install solar panels at APICORP’s headquarters and retrofit the building with energy-efficient technologies.
The agreements mark YDE’s first project in Saudi Arabia, demonstrating the company’s continued growth in the region.
Due to be completed by end-2020, the project is expected to cut APICORP’s carbon emissions by 2,000 tonnes; generate up to 718MWh of clean energy; and significantly reduce energy consumption by 35%.
YDE’s energy efficiency solutions at the APICORP headquarters will include retrofitting and optimising the air conditioning and chiller systems, as well as installing over 3,500 LED light bulbs with smart controls.
The Dubai firm will also install a 4,300m2 rooftop solar plant, fitted with a customised mounting structure to accommodate the roof’s wave design.
Commenting on the agreement, the chief executive officer of APICORP, Dr Ahmed Ali Attiga, said: “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.”
The CEO and co-founder of Yellow Door Energy, Jeremy Crane, added: “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.”
Saudi Arabia’s Ministry of Energy is pursuing a renewable energy strategy that includes plans to add 60GW of clean energy capacity to the national grid by 2030. Of this, 40GW will come from solar photovoltaic plants, 16GW from wind turbines, and 2.7GW from concentrated solar power (CSP).