SirajPower, A UAE based solar energy provider, has announced its plans to raise USD 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 an additional capital after securing a USD 50 million non-recourse debt package last year.
To finalize 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 USD 200 million of further capital to accelerate SirajPower’s growth and support its expansion in the Gulf region. The investment proposition is attractive to a wide range of investors, from family offices to large infrastructure funds. We are witnessing an early unification as some players are leaving the market and we expect to complete some acquisitions in the coming year.”
SirajPower reported significant growth as it had doubled its solar assets in the year 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 carbon dioxide emissions.
“Amid the global headwinds, SirajPower has proved the flexibility of its business model and has continued to grow and generate important savings to its clients. We have widen 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 extremely 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,” Laurent Longuet added.
SirajPower also said it has begun to provide new technologies such as solar hybrid systems with battery storage for distributed generation.