$75 million worth of murahaba financing facility
The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has signed a strategic five-year Murabaha financing facility worth $75 million with Alfanar, in support of Alfanar’s renewables energy projects, including a wind project in Spain.
3 gigawatt intends to deploy in 2022
Jamal Wadi, Chief Executive Officer, Alfanar Global Development, said: “With an existing portfolio exceeding 1.5 Gigawatt (GW) of renewable development projects around the globe, Alfanar is committed to further doubling its portfolio over the next few years. The signing of the Murabaha agreement with APICORP brings us a step closer to realising our commitment. This partnership with comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets.”
1.5 gigawatt renewable development projects around the globe!
Alfanar is a Saudi-based company headquartered in Riyadh and engaged in the manufacturing of electrical products, design engineering, and Operation and Maintenance (O&M) services, with projects throughout the Middle East, Europe, and Asia. Having successfully leveraged its expertise in electrical equipment manufacturing and in the Engineering, Procurement, and Construction (EPC) of power transmission and distribution projects in KSA to develop and operate renewable energy projects globally, it is aiming to tap into the growing demand for renewable energy around the world, and intends to deploy 3GW by 2022, growing to 4-5GW by 2025.
4-5 gigawatt growing by 2025