France’s TotalEnergies has secured a $34mn loan from the Arab Petroleum Investments Corporation (Apicorp) and the National Bank of Fujairah (NBF) to finance the construction of a 50MW portfolio of photovoltaic (PV) solar projects.
TotalEnergies is developing PV solar installations for 30 industrial and commercial (I&C) customers in Dubai to reduce their energy bills and carbon emissions.
The 50MW portfolio will produce 83GWh of clean energy annually and result in the saving of 36,600 tonnes of CO2 emissions every year.
TotalEnergies is targeting a portfolio of 250MW of PV solar projects for C&I customers over the next 5 years, with 100MW of capacity already in operation or in the development phase.
As part of its broader strategy, TotalEnergies is aiming for renewables and clean energy to account for up to 40 per cent of its overall sales by 2050. By the end of 2020, TotalEnergies’ total global power generation capacity had reached 12GW, which included 7GW of renewable energy.
Apicorp’s share of investments in renewable energy is steadily growing and currently stands at 13 per cent of its total debt portfolio.