The Arab Petroleum Investments Corporation (APICORP) announced a US$50 million credit facility for SirajPower, a UAE distributed solar energy provider, to expand its portfolio of distributed solar energy projects across the Middle East.
The deal represents the largest lease-funding platform for distributed solar energy in the GCC.
The transaction will enable SirajPower to deploy its rooftop solar PV turnkey solutions across various industries, allowing the private sector to save on their utility bills while simultaneously offsetting their carbon footprint through an innovative structure to finance an entire portfolio of distributed solar projects on a long-term basis.
Dr Ahmed Ali Attiga, CEO of APICORP said: “Through innovative financing solutions to our partners and direct investments, APICORP plays a vital role in bringing world-class energy technologies to the region. We have witnessed a strong appetite for solar projects as a sustainable source of renewable energy by both the government and private sector in the UAE and MENA region in general.”
“SirajPower’s business model is promising of more innovations to come in the energy efficiency sector and we look forward to being part of its future success. As the trusted financial partner to the energy sector, the partnership with SirajPower demonstrates APICORP’s commitment to being a leading catalyst for sustainable development in the region,” Dr. Attiga added.
Mohammed Abdulghaffar Hussain, Chairman of SirajPower and Creek Capital, said: “We established SirajPower to act as a platform for renewable energy investments and provide stable and attractive long-term returns whilst simultaneously supporting the UAE and the wider region’s sustainable development goals. The market is full of potential, and we are gearing up to the next phase of a promising and rapid development across the wider Middle East region. Our partnership with APICORP is a testament not only to the bank’s innovative approach to financing but also to their keen desire to play a key role in the region’s burgeoning green economy.”