SirajPower, the UAE-based solar energy provider, has announced plans to raise $200 million in a bid to expand its footprint in the Gulf region.
With more than 180 facilities in the UAE, the company, which currently holds the largest distributed solar energy portfolio in the region, is raising additional capital after securing a $50 million non-recourse debt package last year.
To close this deal, SirajPower was supported by Creek Capital, a Dubai-based climate impact investor.
David Auriau, co-founder and CEO of Creek Capital, said: “We are currently raising $200m of further capital to accelerate SirajPower’s growth and support its expansion in the region. The investment proposition is attractive to a wide range of investors, from family offices to large infrastructure funds. We are witnessing an early consolidation as some players are leaving the market and we expect to complete some acquisitions in the coming year.”
SirajPower reported significant growth as it doubled its solar assets in 2020 to achieve 100 MWp distributed solar portfolio.
The company operates and maintains more than 180 facilities in the UAE – this covers an area of 600,000 sq m of roofs, the equivalent of 112 football fields, and displaces 65,000 metric tons of CO2 emissions.
“Amid the global headwinds, SirajPower has proven the resilience of its business model and continued to grow and generate important savings to its clients… We have expanded our market focus by making forays into new sectors such as education, real estate, and F&B,” said Laurent Longuet, CEO at SirajPower.
“We are witnessing a snowball effect in the market with an increase in volume of demand for our solar solutions. We are highly encouraged by the number of businesses accelerating their shift to sustainability and supporting the UAE’s long-term green objectives. We are changing the way the country is powered and looking forward to doing the same on a regional scale,” he added.
SirajPower also said it has begun to provide new technologies such as solar hybrid systems with battery storage for distributed generation.
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