Positive Zero raises USD 375 mn to expand distributed energy portfolio

Dubai-based decarbonization firm Positive Zero secured a USD 375 mn long-term, non-recourse financing facility — billed as the first transaction of its kind in the Middle East to bundle a diversified portfolio of distributed energy, efficiency, and clean mobility assets under a single loan, according to a press release.

A closer look: The facility, arranged by Natixis Corporate & Investment Banking and The Arab Energy Fund, will fund Positive Zero's expansion across the UAE, Saudi Arabia, Bahrain, Oman, and Qatar, along with new distributed infrastructure projects and capex. It follows a 2023 investment of up to USD 400 mn from BlackRock, which remains the company's largest capital raise to date.

Positive Zero? The firm operates and is building more than 500 MW of distributed solar capacity across the region. It says its projects help avoid more than 450k metric tons of carbon emissions annually, and its energy efficiency solutions have saved customers over 100 mn kWh of electricity.