Saudi Arabia's Alfanar gets $75mn funding for renewable energy projects

Saudi Arabia's Alfanar gets $75mn funding for renewable energy projects
Published: 12 May 2019 - 4:25 a.m.
By: Baset Asaba

The Saudi Arabia-based company Alfanar confirmed US$75mn of funding for future renewable energy projects.

The financing has come from the multilateral development financial institution Arab Petroleum Investments Corporation (Apicorp), which signed a strategic five year Murabaha financing facility with the engineering, procurement, and construction (EPC) contractor.

Nicolas Thevenot, APICORP’s Managing Director, Head of Corporate Finance, said: “APICORP is committed to encouraging Saudi companies in their pursuit of opportunities beyond their home market. In this particular case, 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 Co plans to export 3GW of renewable energy by 2022, and to 4-5GW by 2025. Alfanar conducts business internationally, with a particular focus in the Middle East, Europe and Asia. With this signed agreement, financing will also be allocated to the expansion of wind power in Spain.

Jamal Wadi, Chief Executive Officer of 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 with Apicorp comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets.”

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