TotalEnergies signs a US$34mln non-recourse financing for a 50 MW solar portfolio in Dubai

TotalEnergies said it secured a US$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 Dubai.

The company said they are working on turnkey solutions that will reduce the overall energy bill and carbon footprint, "significantly" with up to 95 percent of clients’ energy needs covered with renewable energy.

"In total, the solar portfolio will represent an annual production of 83 GWh and 36,600 tons of CO2 emissions avoided per year," the company sad in a statement. 

TotalEnergies targets a total solar portfolio of 250 MW in the Middle East throughout the next five years, including 100 MW already in operation or has been awarded. 

TotalEnergies is building a portfolio of activities in renewables and electricity that should account for up to 40 percent of its sales to get to net zero by 2050, the company said.

At the end of 2020, TotalEnergies' gross power generation capacity worldwide was around 12 GW, including 7 GW of renewable energy.