Squire Patton Boggs has advised the Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, on a US$50 million project finance facility for SirajPower, the UAE’s leading distributed solar energy provider, to expand its portfolio of distributed solar energy projects across the Middle East. The transaction represents the largest lease-funding platform for distributed solar energy in the GCC.
The team advising APICORP was led by Financial Services partner Shibeer Ahmed supported by Shaheer Momeni and Malak Abbas, all based in the firm’s Dubai office.
APICORP is a multilateral development financial institution established in 1974 by the ten Arab oil exporting countries to foster the development of the Arab world’s oil and gas industries. APICORP’s vision is to transform the Arab energy industry into a powerful force for the region’s economic progress, by making equity investments and providing project loans, trade finance, advisory and research to the industry.
SirajPower is a Dubai-based company that provides comprehensive turnkey solutions combining development, financing, construction and operation of solar rooftops for commercial and industrial applications in the UAE.
This transaction is a continued realization of APICORP’s strategy to focus on renewables and support the region’s transition towards a sustainable energy future, committing around US$450 million of capital towards renewable projects in the past four years.
The transaction will enable SirajPower to deploy its rooftop solar PV turnkey solutions across various industries, allowing the private sector to save on their utility bills while simultaneously offsetting their carbon footprint through an innovative structure to finance an entire portfolio of distributed solar projects on a long-term basis.