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oil and gasApril 27, 2022

Fasset, SirajPower, Creek partner to offer finance solution for sustainable assets

Three companies have reached a Memorandum of Understanding (MoU) to boost the growth of the solar industry in the Middle East


UAE - Mubasher: Fasset, a digital asset provider, has partnered with Creek Capital, a Dubai Financial Services Authority (DFSA)-regulated asset manager, and SirajPower to launch an alternative and innovative decentralised finance solution for sustainable power assets.

Under the partnership, the three companies have reached a Memorandum of Understanding (MoU) to boost the growth of the solar industry in the Middle East and establish investment opportunities for capital holders, according to a press release on Tuesday.

Fasset will tokenise SirajPower’s solar assets in the UAE to expand sustainable investment opportunities among investors and fractionalise illiquid infrastructure assets, especially solar assets.

Fasset’s CEO and former Advisor to the UAE Prime Minister’s Office, Mohammad Raafi Hossain, said: 'This is a step forward in accelerating the financing of sustainable infrastructure and promoting capital inflows to ESG projects in the Gulf.'

Meanwhile, the Chairman of SirajPower, Mohammed Abdulghaffar Hussain, commented: 'Since securing US$50 million in funding in 2020 and with ongoing plans to raise a further US$250 million to expand our footprint in the Gulf, SirajPower has been at the frontier of renewable energy in the Middle East and our rapid growth is a testament to the region’s potential in the sustainable power sector.'

zawya