UAE’s SirajPower signs GCC’s largest deal for solar energy with APICORP
The $50m transaction will be used for distributing solar energy to commercial and industrial users in the Middle East
UAE-based solar energy provider SirajPower has secured a $50m deal from The Arab Petroleum Investments Corporation (APICORP) to distribute renewable energy across the region for commercial and industrial users.
Claiming to be the GCC’s largest largest lease-funding platform for distributed solar energy, SirajPower said the funding will expand its offering to businesses across various sectors, enabling them to save on their utility bills whilst simultaneously offsetting its carbon footprint.
The deal was implemented to overcome the challenges of attracting debt financing for power generation systems, which according to Siraj Power, has “limited the development” of the market segment in the region.
SirajPower and APICORP’s partnership will develop a structure to finance an entire portfolio of distributed solar projects on a long-term, non-recourse basis.
Squire Patton Boggs (MEA) LLP acted as APICORP’s legal advisor on the deal, while kiloWattsol SAS were appointed as the technical advisor and INDECS Consulting Ltd were brought in as the insurance advisor.
Watson Farley & Williams (Middle East) LLP acted as SirajPower’s legal advisor.
Commenting on the deal, SirajPower CEO, Laurent Longuet, said: “Bringing on board APICORP is a fundamental step in validating the quality of work that we have been delivering over the last five years in the UAE and opening the door for continued expansion in other markets and geographies.”
He added: “This green financing further sets us apart from our competition by enabling us to expand even faster. We are committed to ensuring the availability of clean energy across the region.”
APICORP CEO, Dr Ahmed Ali Attiga, also believed the partnership with SirajPower demonstrates its commitment to being a “leading catalyst” for the sustainable development in the region.