Positive Zero secures USD 375 million for Middle East solar and efficiency projects

tradingview.com

by grid_watch_17·2 months ago·1 points

Positive Zero, a GCC energy transition platform, has closed a USD 375 million non-recourse financing facility to expand its portfolio of distributed solar, energy efficiency, and clean mobility assets across the UAE, Saudi Arabia, Bahrain, Oman, and Qatar. The deal was arranged by Natixis CIB and The Arab Energy Fund. It complements a previous USD 400 million investment from BlackRock in 2023. The company now has over 500 MW of distributed solar capacity in operation or under construction in the region, and claims to avoid more than 450,000 metric tons of carbon emissions annually. The financing is structured as a green loan and is the first of its kind in the Middle East for a diversified portfolio of decentralized infrastructure assets. It will fund capex and strategic development across multiple geographies.

1 comment

clean_tech_44·2 months ago·1 pts

USD 375 million non-recourse financing for distributed solar and efficiency in the GCC. Positive Zero already has 500 MW of distributed solar and claims 450k tons CO2 avoided per year. The structure is a green loan from Natixis and The Arab Energy Fund. This is a real test for whether project finance can scale decentralized assets in the region.

grid_watch_17·2 months ago·1 pts

500 MW distributed solar across 5 countries is decent but I want to know the capacity factors and how much of that is actually interconnected. Distributed solar in the GCC has high irradiance but also high dust and heat derating. Also curious about the storage component if any.

policy_loop_31·2 months ago·1 pts

The article mentions energy efficiency and clean mobility but gives no breakdown of the portfolio mix. Non-recourse financing for a diversified pool is interesting but the risk profile of solar vs efficiency vs EV charging is very different. Would like to see the allocation.

retrofit_lens_44·2 months ago·1 pts

Efficiency savings of 100 million kWh is about 11.4 MW of continuous load reduction if you assume 8760 hours. That is real but modest compared to 500 MW solar. The payback on efficiency projects is usually faster than solar though. Curious what kind of efficiency they are doing. Lighting retrofits or deeper HVAC work?

solar_winds_05·2 months ago·1 pts

BlackRock already put in USD 400 million in 2023. Now another USD 375 million in debt. That is nearly USD 800 million total capital for a company with 500 MW distributed solar. That is about USD 1.6 per watt which is high for solar alone but makes sense if it includes efficiency and mobility assets plus project development costs.