SirajPower to deliver first privately owned Photovoltaic system under a leasing frame
Axiom Telecom and SirajPower have signed a 20-year lease agreement to deliver the first privately owned photovoltaic (PV) system in the Middle East. As per the contract, SirajPower will install the PV system at its own costs on Axiom Telecom’s roof and will be paid a monthly rent based upon the electricity produced by the system.
The project will be built in a single phase in Dubai Silicon Oasis and will contribute to a total power generation capacity of 400KW. The project will not only generate economic benefits to Axiom Telecom, but will also contribute to the green building certification of its new headquarter.
David Auriau, Director at SirajPower commented, “We are extremely happy with the progress SirajPower has made to date. Our experience and expertise in solar rooftop solutions are important, but our well-established presence in Dubai and our strong financials have been even more crucial when it comes to entering into a long term leasing contract with our customer. We sincerely thank the Axiom Telecom leadership to trust our venture and be part of this national ambitious initiative of building a green economy”.
SirajPower calls on the proven expertise of its two founding companies, Akuo Energy and Corys Environment, to offer comprehensive solutions combining development, financing, construction and operation of solar rooftops of commercial and industrial companies based in Dubai, with no front-cost for customers.
Laurent Longuet, Director at SirajPower adds, “SirajPower has a strong local experience in solar projects development. Its employees have been directly involved in the development, financing and construction of hundreds of solar systems in the GCC for more than 15 years, including the largest ones such as the four PV projects of 55MW in Jordan and the 100MW Shams One project in Abu Dhabi”.
The agreement between Axiom Telecom and SirajPower is in line with Dubai Electricity and Water Authority’s (DEWA) Shams Dubai initiative, the new regulatory framework put in place by the Dubai government in order to encourage solar solutions across the Emirate. It is part of the Smart Dubai initiative launched in 2015 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to transform Dubai into the smartest city in the world. The initiative encourages building owners to install PV panels to generate electricity, and connect them to DEWA’s grid. The electricity is used on site and the surplus is exported to DEWA’s network.
Dubai is at the forefront of this green revolution in the region, their ambition is to install solar panels on every rooftops by 2030. Combining financing solutions and very long-term visibility on electricity tariffs, net metering is a high-potential market in Dubai, particularly given that solar energy market is still untapped.
SirajPower, a Dubai-based joint venture devoted to net metering, provides comprehensive turnkey net metering solutions on solar rooftops in Dubai. Whilst the partners have been operating in the field for a number of years and across multiple geographies, SirajPower started operations on its first project in Dubai in January 2016, and since then has secured a number of large and prestigious projects ranging from 0.5MW to 3.5MW, all with blue chip names in the region.