Stephenson Harwood advises Yellow Door Energy on multi-million dirham debt refinancing for 31 solar projects in the UAE – EQ Mag
Law firm Stephenson Harwood LLP has advised Yellow Door Energy Limited (Yellow Door Energy) on a multi-million dirham debt refinancing with the National Bank of Fujairah for a portfolio of solar projects in the United Arab Emirates (UAE).
Yellow Door Energy is one of the MENA region’s most successful sustainable energy developers, and the leading distributed Commercial & Industrial (C&I) solar platform in the region. This partnership with the National Bank of Fujairah will enable Yellow Door Energy to continue providing solar leases and renewable energy expertise to commercial and industrial businesses, helping them significantly reduce energy costs and meet sustainability targets. Specifically, this facility will refinance 31 operational solar power plants in the UAE.
“This transaction is one of the first of its kind in the Middle East market, as it involved elements – regulatory constraints, consideration of land rights, distributed step-in considerations and complex security arrangements – that were previously deemed difficult to structure and navigate,” said Nijoe Joseph, partner, Stephenson Harwood. “Our long-standing experience enabled us to provide market-leading expertise on this challenging deal, which required an innovative and streamlined structure. Building on our credentials in renewables, a core facet of our decarbonisation area of focus, is a priority for the firm, and it was exciting to play a key role on this important sustainable deal.”
This deal was also significant for all parties concerned as it also contributes to the UAE’s Net Zero by 2050 target and COP28’s objectives, the UAE’s Year of Sustainability and its Clean Energy Strategy 2050.
The Stephenson Harwood team was led by partner Nijoe Joseph, who was supported by associate Murtaza Hussain and paralegal Shwini Dsouza.
Source: shlegal
