Abu Dhabi – Mubasher: TotalEnergies has secured a $34 million non-recourse financing from the Arab Petroleum Investments Corporation (APICORP) and The National Bank of Fujairah (NBF) to fund the development of a 50 megawatts (MW) solar portfolio in Dubai.

TotalEnergies seeks to implement 250 MW solar projects under development in the Middle East for industrial and commercial (I&C) customers throughout the next five years, including 100 MW already in operation or awarded, according to a press release on Tuesday.

The energy company is supporting 30 I&C customers in Dubai through a number of solutions to cut the overall energy bill and carbon footprint, with up to 95% of clients’ energy needs covered with renewable energy.

The solar portfolio will represent an annual production of 83 GWh and the reduction of 36,600 tonnes of CO2 emissions per year.

The CEO at NBF, Vince Cook, commented: "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."

Meanwhile, the Senior Vice-President Renewables at TotalEnergies, Julien Pouget, commented: "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."