Yellow Door Energy

The opportunity

In October 2022, Actis completed the acquisition of a majority stake in Yellow Door Energy (YDE), a Middle East and Africa distributed solar and sustainable infrastructure platform focused on commercial and industrial (C&I) customers. Since then, YDE has become a leading player in the C&I space in the Middle East and Africa for Actis’ Energy 5 Fund.

With fossil fuels accounting for more than 90% of energy supply in the Middle East, the deployment of renewables has been a key part of the energy transition strategies and 2030 visions for the region, particularly the GCC. More specifically, the Middle East and Africa C&I space was identified as a high growth sector, with distributed solar being a highly cost-effective energy source for most consumers in the region and business models showing 10-50% of cost savings for customers.

As an early mover in the sector with a high-quality seed portfolio and a strong track record, YDE presented a compelling opportunity for Actis to enter a promising sector. As key contracts were signed with high credit quality customers, including well-regarded clients such as Unilever and Nestlé, the Actis team, led by Lucy Heintz, Sherif ElKholy, James Mittell, Sadio Wade and Shapour Saba, increased their interest in pursuing a majority acquisition of the business.

During the bidding process for YDE, the Actis team built strong relationships with CEO Jeremy Crane, and the management team, who considered Actis as a highly credible partner to drive the growth of the business due to our in-depth geographical and sector knowledge.

Actis in action

Since our investment, Actis has supported growth in existing markets such the UAE and Jordan. In addition, Actis also helped YDE’s entry into promising markets such as the Kingdom of Saudi Arabia, Bahrain, Oman, and South Africa. This concerted effort, combined with our deep expertise, contributed to the platform’s business development and pipeline conversion rates.

Actis has been hands-on and played a key role in the optimisation of the execution capabilities of the business; from strengthening the C-suite, to standardising processes for smaller projects, to facilitating access to more resources for larger and more complex deals. Actis’ presence has also allowed for stronger relationships with highly established customers and leading multinationals with strategic value in current and new markets. Actis board members, including Sherif ElKholy, Managing Director and Head of Middle East and Africa, helped introduce new relationships to the business and explore opportunities in new markets.

Actis reinforced the YDE management team, by strengthening our CFO position with the hire of Marco Angelino, and by surrounding the CEO Jeremy Crane with regional CEOs in key strategic markets.

The operations team has also implemented data tracking and dashboards covering KPIs and pipeline to enhance accountability and keep the management on top of the company’s performance. With the rise in AI, further tools have been developed to continue streamlining and optimising the business.

Sustainability

YDE already had well-established sustainability activities prior to Actis’ investment. Actis has played a key role in the H&S and compliance policies, with YDE recognised as a regional leader in the sustainability space.

In January 2023, only a few months after Actis’ investment, YDE held its inaugural sustainability sub-committee meeting, overseeing a number of initiatives including contractor HSE performance, community investment strategy, and the production of YDE’s first Sustainability Report.

Working with Actis, and with funding from Actis’ charitable foundation Actis Acts, YDE pioneered Project Daw, an initiative addressing two critical issues in Jordan: youth unemployment and sustainable energy access. The scheme provided solar PV training to 20 disadvantaged young adults, equipping them with the skills needed for employment in the solar energy sector, helping tackle youth unemployment while growing the skill supply required for the growth of the solar industry. The project’s second phase saw a solar PV system installed free of charge to the Princess Basma Community Centre in Mafraq.

This award-winning scheme is being replicated in South Africa through Project YDE Lumen30. Phase one of this project will see 30 young people trained and qualified in solar PV technology, with phase two seeing a solar plant being installed free of charge at a community centre in the Alexandra Township.

These efforts not only contribute to a just transition but also help create a social licence for YDE to operate within the local communities by fostering goodwill. This is key for the smooth running of business and, in Actis’ experience, critical to enhance value.

The outcome

As of September 2025, YDE has 370MW of existing assets: 89 projects (162MW) in operation, 27 projects (28MW) under construction, and 180MW signed or awarded. The business is continuing to pursue and build out a 1GW plus pipeline across the UAE, Saudi Arabia, Bahrain, Oman, Jordan and South Africa via organic sales and M&A opportunities.

Working hand-in-hand with Actis, YDE is growing to become a sustainable energy C&I leader in many of the markets in which it operates. The business benefits from large addressable markets, a strong management team, and a robust high quality customer base. The company is well placed to pursue future opportunities in its markets, with an established pipeline already in place and established C-suite level relationships with a variety of customers across the region.

Disclaimer

General discussions contained in this document regarding the energy infrastructure market in the Middle East and Africa represent the view of either the source cited or Actis. Such information is not research and should not be treated as research. Moreover, there is no assurance historical trends will continue.

The case studies and figures above are presented for informational purposes only and were selected to demonstrate the type of investments that Actis will seek to make. There can be no guarantee that transactions with similar characteristics will be available to Actis.

There can be no assurance that any Actis Fund will be able to implement its investment strategy, achieve its investment objective, or avoid substantial losses. There can be no assurance that Actis will be successful in implementing its sustainability plan across this investment.