Leading distributed solar energy provider in the UAE, SirajPower achieved a significant milestone in 2020 as it doubled its solar assets to achieve a 100 MWp distributed solar portfolio.
SirajPower currently boasts of 600,000 Sq.M of solar roof coverage, an equivalent to 112 football fields across 180+ facilities in the country which allows the firm to displace 65,000 metric tons of CO2 emissions.
With the largest portfolio in the market, SirajPower is expected to bolster its leadership in the UAE and accelerate its development to take the regional distributed solar sector to new heights.
“Amid the global headwinds, SirajPower has proven the resilience of its business model and continued to grow and generate important savings to its clients. Thanks to the team’s hard work, we were able to continue our aggressive growth with minimal impact on our operations. We have expanded our market focus by making forays into new sectors such as Education, Real Estate, and F&B. We are witnessing a snowball effect in the market with an increase in the volume of demand for our solar solutions. We are highly encouraged by the number of businesses accelerating their shift to sustainability and supporting the UAE’s long-term green objectives. We are changing the way the country is powered and looking forward to doing the same on a regional scale.”
SirajPower has been introducing new technologies such as solar hybrid systems with battery storage for distributed generation towards maintaining its market dynamic and achieve its ambitions to become the regional green champion. Furthermore, the company started offering O&M services to other solar plant owners beyond its own portfolio.
The firm also secured $50 million portfolio debt financing from Apicorp, a testament to SirajPower’s robust performance in 2020. The deal was also the first non-recourse finance agreement for the commercial and industrial market. SirajPower was supported by Creek Capital, a Dubai-based climate impact investor to close out the deal.
David Auriau, Co-Founder and CEO of Creek Capital added: “Following our milestone achieved with the non-recourse debt facility, we are currently raising $200m of further capital to accelerate SirajPower’s growth and support its expansion in the region. The investment proposition is attractive to a wide range of investors, from family offices to large infrastructure funds. We are witnessing an early consolidation as some players are leaving the market and we expect to complete some acquisitions in the coming year.”
Despite its short 5-year operational history, SirajPower has been able to build a solid reputation with an unparalleled track record in implementing practical, cost-effective, and sustainable solar rooftop and carport solutions.