Fasset, a digital asset gateway and provider of real-world asset tokens, has announced a strategic cooperation with Creek Capital, a Dubai Financial Services Authority (DFSA) regulated asset manager, that is known for its investments into energy transition in the Middle East region.
Fasset, regulated in multiple jurisdictions, including the Dubai Multi Commodities Centre (DMCC), said that this strategic initiative will include working closely with SirajPower, a portfolio company of Creek, which is one of the largest solar distributed generation players in the region.
As part of this collaboration, the companies have signed a Memorandum of Understanding (MoU) to accelerate the growth of the solar industry in the Middle East through the introduction of an alternative and innovative investment solution for sustainable power assets, a statement said.
On its cooperation with SirajPower, Mohammad Raafi Hossain, Fasset’s Chief Executive Officer and former Advisor to the UAE Prime Minister’s Office said: “We’re excited to be marking yet another milestone in the journey towards sustainability and renewable energy for the Middle East with the region’s first tokenization of a solar project.
“This is a step forward in accelerating the financing of sustainable infrastructure and promoting capital inflows to ESG projects in the Gulf. In our continued support of renewable energy and digital assets, it is a privilege to work with industry leaders, such as SirajPower, to make investing in ESG assets more accessible. We are proud to work with local regulators in the DMCC and ADGM and are excited to explore the regulatory frameworks of DIFC and DWTC.”
To achieve these shared objectives, Fasset will enable the tokenization of SirajPower’s solar assets in the United Arab Emirates—the first of its kind in the country and the region—which will serve to democratise sustainable investment opportunities to a broader pool of investors.
Leveraging blockchain technology, Fasset is fractionalising previously illiquid infrastructure assets—namely, solar assets, where each token represents a digital fractional ownership of SirajPower’s solar project. By offering investors the opportunity to access these assets at a lower minimum ticket price and creating unprecedented market liquidity, this collaboration will reduce barriers to entry to invest in low-risk and high-yielding asset classes, the statement added.
Chairman of SirajPower, Mohammed Abdulghaffar Hussain, said: “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.
“With the accelerating threats of climate change, we are proud to play a key role in shaping the growing solar sector in the Gulf region and to contribute to Fasset’s vision of championing ESG efforts, fast-tracking the Middle East’s green initiatives for a more sustainable future.”
SirajPower is a leading distributed solar solutions provider in the Middle East and currently operates and maintains more than 200 facilities in the UAE, representing more than 800,000 sqm and displacing more than 85,000 metric tons of CO² emissions annually.
Established by the management team of Creek Capital, SirajPower holds the largest share of the Middle Eastern solar market and serves a leadership role in the UAE’s sustainable energy sector. As part of its solar business, the company provides comprehensive turnkey solutions combining development, financing, construction and operation of solar rooftops for commercial and industrial applications in the UAE.
Speaking on the initiative, David Auriau, Managing Director at Creek Capital, said: “We are thrilled to be working with Fasset, especially as the UAE emerges as a leader in ESG development and digital economy. We believe that this first-of-its-kind initiative is incredibly timely as the Executive Council announced last year the Dubai Strategic Plan 2030, focusing on innovation-led growth and echoing the United Arab Emirates Vision 2021’s commitment to sustainability.
“With local authorities prioritising forward-thinking and innovation, we are proud to contribute to the recognition of the UAE’s vision of greener, more sustainable growth,” he concluded.