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Fri 24 May 2019 12:20 AM

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Saudi clean energy developer signs $75m financing deal

Clean energy developer Alfanar has inked a $75m Murabaha financing facility with the Arab Petroleum Investments Corporation

Saudi clean energy developer signs $75m financing deal
Jamal Wadi, CEO, Alfanar Global Development.

Saudi-based clean energy developer Alfanar has signed a $75 million Murabaha financing facility with the Arab Petroleum Investments Corporation (APICORP).

Alfanar, also a manufacturer of electrical products, will use the fund to support its renewable energy projects, including a wind project in Spain.

Jamal Wadi, CEO, Alfanar Global Development, said: “With an existing portfolio exceeding 1.5GW of renewable development projects around the globe, Alfanar is committed to further double its portfolio in the next few years.

"The signing of the Murabaha agreement with APICORP brings us a step closer to realising our commitment. This partnership comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets.”

Nicolas Thevenot, APICORP’s managing director, head of Corporate Finance, added: “We are happy to support Alfanar towards their renewable energy projects globally. This is in line with APICORP’s focus to support global sustainability through projects driven by environmentally conscious and renewable principles.”

Alfanar is headquartered in Riyadh, with activities focused in the Middle East, Europe and Asia.

The company said it is aiming to tap into the growing demand of renewable energy around the globe and aims to deploy 3GW by 2022 with an intention to grow the portfolio to 4-5GW by 2025.

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