Dubai-based renewable energy firm SirajPower has signed a $50 million long-term non-recourse credit facility with distributed solar power generation from Arab Petroleum Investments Corporation (APICORP).
APICORP is a multilateral development bank that was founded to support the growth of the oil and gas industries of the Arab region. Its dream is to turn the Arab energy industry into a strong force for economic development in the region.
The funding will play a vital role to help SirajPower to grow its business into various industries. According to the company, it will also enable businesses to reduce their energy bills and carbon footprint substantially. The scheme will be the “largest lease-funding site for distributed solar energy” of the GCC.
Unlike solar energy that is produced through a centralized, large scale method, the distributed solar energy refers to sun-generated electricity using rooftop setups.
The chief executive of SirajPower, Laurent Longuet said that “bringing on board Apicorp is a fundamental step in validating the quality of work that we have been delivering over the past five years in the UAE and opening the door for continued expansion in other markets and geographies.”
SirajPower was founded by Corys Environment which is a family-owned investment company and has a total portfolio of 50-megawatt peak solar rooftop projects under the lease.
The implementation of distributed solar energy is part of the policy of the UAE to improve its renewable energy efficiency. By 2050, the nation plans to derive 44% of its energy needs from renewable energy. The remaining 38% will come from gas, 12% from clean coal and 6% from nuclear sources.
According to Mohammed Abdulghaffar Hussain, the chairman of SirajPower and Creek Capital, the company is preparing for its next phase of rapid expansion in the wider Middle East region.
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