SirajPower in long-term debt financing deal with Apicorp

SirajPower in long-term debt financing deal with Apicorp

UAE's leading distributed solar energy provider SirajPower said it has signed a $50 million long-term non-recourse credit facility for solar distributed generation from The Arab Petroleum Investments Corporation (Apicorp), an energy-focused multilateral development financial institution. 

This will be the GCC's largest lease-funding platform for distributed solar energy. 

With this financing facility, SirajPower proves the bankability and sustainability of its business model and adds another milestone by completing a first-of-its-kind debt-financing transaction for distributed solar energy in the Middle East.

Distributed solar energy comprises individual power generation systems that can be both grid-connected or off-grid. 

In the past, these types of projects lacked sufficient scale to attract debt financing, which has limited the development of this market segment in the region. To overcome this challenge, SirajPower and Apicorp have partnered to develop an innovative structure to finance an entire portfolio of distributed solar projects on a long-term, non-recourse basis. 

The funding will make it possible for SirajPower to expand its offering to businesses across various sectors, enabling them to save on their utility bills whilst simultaneously offsetting their carbon footprint.

On the key deal, SirajPower CEO  Laurent Longuet said: "Bringing on board Apicorp is a fundamental step in validating the quality