UAE - Mubasher: SirajPower has signed a long-term non-recourse credit facility agreement to secure $50 million from The Arab Petroleum Investments Corporation (APICORP) for solar distributed generation.
This agreement is the first of its kind in the Middle East for funding distributed solar energy projects that face a lack of debt financing and limited development in the region, according to a press release on Monday.
The credit facility from APICORP, a multilateral development financial institution focusing on energy, is also the GCC’s largest lease-funding platform for distributed solar energy.
Through debt financing, SirajPower, the UAE's leading distributed energy provider, will be able to expand its services to a wide range of businesses and deploy cost-effective renewable energy across the region.
The CEO of SirajPower, 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."
Meanwhile, the CEO of APICORP, Ahmed Ali Attiga, noted: "As the trusted financial partner to the energy sector, the partnership with SirajPower demonstrates APICORP’s commitment to being a leading catalyst for the sustainable development in the region."
