The Arab Petroleum Investments Corporation (APICORP), a Saudi headquartered multilateral development bank, has provided a $50 million credit facility to UAE’s SirajPower.
The facility will help the distributed solar energy provider to expand its portfolio of projects across the Middle East.
The transaction is the largest lease-funding platform for distributed solar energy in the GCC, APICORP said in a statement.
“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,” Dr Ahmed Ali Attiga, CEO of APICORP said.
“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,” he added.
The MENA region will need to invest around $144 billion in the power sector to meet growing energy needs, APICORP revealed in its MENA Energy Investment Outlook 2020-2024.
(Writing by Gerard Aoun; editing by Seban Scaria)
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