National Bank of Fujairah
The National Bank of Fujairah and APICORP are participating in the debt programme for TotalEnergies. Image Credit: Supplied

Dubai: The National Bank of Fujairah and the Arab Petroleum Investments Corp. (APICORP) have extended $34 million to the French energy giant TotalEnergies to develop a 50MW renewable energy portfolio in Dubai.

TotalEnergies is supporting 30 industrial and commercial (I&C) customers in Dubai through turnkey solutions that reduce the overall energy bill and carbon footprint. This way, up to 95 per cent of clients’ needs will be covered by renewable energy. This is TotalEnergies’ first distributed generation project financing in the UAE.

The solar portfolio will represent an annual production of 83 GWh and 36,600 tons of CO2 emissions avoided per year. TotalEnergies is targetting a solar portfolio of 250 MW in the Middle East under development for I&C customers in the next five years, including 100 MW already in operation or awarded.

What's TotalEnergies building
TotalEnergies' portfolio in renewables and electricity should account for up to 40 per cent of its sales by 2050.

At the end of 2020, TotalEnergies' gross power generation capacity worldwide was around 12 GW, including 7 GW of renewable energy. The French company will continue to expand this to reach 100 GW of gross production capacity from renewable sources by 2030 with the objective of being among the world's Top 5 in renewable energies.

“Currently comprising around 13 per cent of our total debt portfolio alongside direct equity investments in pioneering companies, projects, and technologies in several Arab countries, the share of our investments in the sector has been steadily gathering pace, and we expect this support to continue in 2021 and beyond,” said Dr. Ahmed Ali Attiga, CEO of APICORP.

“Our partnership with TotalEnergies and the National Bank of Fujairah underscores APICORP’s belief in green energy as the key to the sustainability of the MENA region’s energy future and supporting the ambitious energy visions of our respective member states – including the UAE."

We strongly believe that the more resources we provide for sustainable financing, the greater the tangible results we will see, and it is great to be working with such like-minded partners.

- Vince Cook, CEO at NBF