TotalEnergies Secures $34Mn Financing From APICORP And NBF For 50 MW Solar Portfolio In Dubai
TotalEnergies is building a portfolio of activities in renewables and electricity that are expected to account for up to 40% of its overall sales by 2050.
TotalEnergies has secured a $34mn 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.
Overall, the solar portfolio will represent an annual production of 83 GWh and 36,600 tons of CO2 emissions avoided per year.
TotalEnergies is supporting 30 Industrial & Commercial (I&C) customers in Dubai to significantly reduce their overall energy bill and carbon footprint through renewable energy solutions, with up to 95% of its clients’ energy needs already covered.
It is targeting a total solar portfolio of 250MW in the Middle East for I&C customers throughout the next five years, including 100MW already in operation or awarded.
“In line with the UAE ‘Energy Strategy 2050’, 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.
Dr. Ahmed Ali Attiga, CEO, APICORP said that APICORP’s share of investments in renewable energy is steadily growing and currently stands at 13% of its total debt portfolio alongside direct equity investments in pioneering companies, projects, and technologies in several Arab countries.
“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,” said Attiga.
This is NBF’s first distributed generation project financing in the UAE.
“This is aligned with our goal of promoting lending to sustainable projects, entrepreneurs, and industries,” said Vince Cook, CEO, NBF.
He noted that NBF is committed to allocating resources towards initiatives that expand and accelerate sustainable practices to support UAE’s green initiatives.
“We strongly believe that the more resources we provide for sustainable financing, the more tangible results we will see,” said Cook.
As part of broader drive to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity that are expected to account for up to 40% of its overall sales by 2050.
By the end of 2020, TotalEnergies’ gross power generation capacity worldwide stood at 12GW, including 7GW of renewable energy.
TotalEnergies said it is aiming to reach 100GW of gross production capacity from renewable sources by 2030 with the objective of becoming one of the world’s top five renewable energy players.
Source: utilities
