Dubai solar company SirajPower secures $50m credit from Apicorp – The National

Dubai solar company SirajPower secures $50m credit from Apicorp – The National

The funding will allow SirajPower to expand its business across various sectors, helping businesses to reduce their utility bills





























Apicorp, the Dammam-based multilateral lender is looking to increase investments in renewables. Courtesy of Apicorp.





















July 20, 2020



July 20, 2020













Dubai-based renewable energy firm SirajPower signed a $50 million (Dh183.6m) long-term non-recourse credit facility deal with distributed solar power generation from Arab Petroleum Investments Corporation (Apicorp).



The funding will allow SirajPower to expand its business across various sectors and will enable firms to significantly reduce utility bills and carbon footprint, the company said. The scheme will be the GCC's "largest lease-funding platform for distributed solar energy".





Distributed solar energy refers to power generated from the sun using rooftop set-ups, as opposed to centralised large-scale generation of solar power.



"Bringing on board Apicorp is a fundamental step in validating the quality of work that we have been delivering over the past five years in the UAE and opening the door for continued expansion in other markets and geographies,“ said SirajPower chief executive