TotalEnergies has secured a $34 million debt from the Arab Petroleum Investments Corporation (APICORP) and the National Bank of Fujairah (NBF) to finance the construction of a 50 megawatts (MW) portfolio.
In total, the solar portfolio will represent an annual production of 83 GWh and 36,600 tons of CO2 emissions avoided per year. TotalEnergies targets a total solar portfolio of 250 MW in the Middle East under development for I&C customers throughout the next five years, including 100 MW already in operation or awarded.
“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. Currently comprising around 13% 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.
NBF is pleased to be collaborating with TotalEnergies on their first distributed generation project financing in the UAE, which is aligned with our goal of promoting lending to sustainable projects, entrepreneurs, and industries. NBF is committed to allocating resources towards initiatives that expand and accelerate sustainable practices in support of the UAE Vision 2021, in accordance with the Dubai Declaration, and supporting the process of transforming the national economy to green activities in accordance with the UAE Energy Strategy 2050. 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” said Vince Cook, CEO at NBF.
“This is a major milestone for our distributed generation activity in MENA region and a concrete proof of TotalEnergies’s solid risk structure and the strong confidence that investors such as APICORP and NBF have in our strategy. It demonstrates the quality and bankability of our renewable energy projects in the MENA region, as well as the reliability of TotalEnergies in providing clean energy solutions. The UAE ‘Energy Strategy 2050’ aims to increase the contribution of clean energy in its total energy mix from 25% to 50% by 2050 and reduce carbon footprint of power generation by 70%. In line with the UAE’s strategy, we are committed to using our distributed generation solar expertise to deliver renewable energy solutions to our I&C customers in the MENA region,” said Julien Pouget, Senior Vice-President Renewables at TotalEnergies.
