SirajPower bags USD 50m for solar installations across Middle East

Dubai-based distributed solar firm SirajPower has received a USD-50-million (EUR 43.6m) credit facility from The Arab Petroleum Investments Corporation (APICORP) to support projects in the Middle East.

The multilateral development financial institution said in a statement today that this transaction represents the largest lease-funding platform for distributed solar energy in the Gulf Cooperation Council (GCC).

SirajPower will use the funds to install rooftop solar photovoltaic (PV) systems across various industries.

“The market is full of potential, and we are gearing up to the next phase of a promising and rapid development across the wider Middle East region,” stated Mohammed Abdulghaffar Hussain, chairman of SirajPower and Creek Capital.

APICORP has committed some USD 450 million of capital towards renewable energy projects in the past four years, it noted.

Squire Patton Boggs (MEA) LLP served as APICORP’s legal advisor, while kiloWattsol SAS acted as technical advisor and INDECS Consulting Ltd took the role of insurance advisor. At the same time, Watson Farley & Williams (Middle East) LLP was SirajPower’s legal advisor.

(USD 1.0 = EUR 0.873)

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