Dubai: UAE-based solar firm SirajPower is looking to raise $200 million (Dh735 million) in additional capital to accelerate its regional expansion.
“We are currently raising $200 million of further capital to accelerate SirajPower’s growth and support its expansion in the region,” said David Auriau, Co-Founder and CEO of Creek Capital, which is the solar firm’s financial adviser.
“The investment proposition is attractive to a wide range of investors, from family offices to large infrastructure funds,” said Auriau. “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, which operates more than 180 facilities in the UAE, entered into a $50 million (Dh184 million) debt-financing deal with Arab Petroleum Investments Corporation (APICORP) earlier this year.
The company expects to utilize the funds to expand its offerings regionally, it said in a statement.
SirajPower doubled its solar assets in 2020 to achieve 100 MWp (Mega Watt peak) distributed solar portfolio.
“Amid the global headwinds, SirajPower has proven the resilience of its business model and continued to grow and generate important savings to its clients,” 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,” said Longuet. “We are highly encouraged by the number of businesses accelerating their shift to sustainability and supporting the UAE’s long-term green objectives”