The Arab Petroleum Investments Corporation (Apicorp) has signed a strategic five-year Murabaha financing facility worth $75 million with Saudi-based Alfanar Company, a top developer and EPC for clean energy and manufacturer of electrical products.

The financing was signed in support of Alfanar’s renewables energy projects, including the wind project in Spain.

Jamal Wadi, chief executive officer, 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.”

Nicolas Thevenot, Apicorp’s managing director, Head of Corporate Finance, commented: “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 is a Saudi based company headquartered in Riyadh and engaged in manufacturing of electrical products, design engineering and O&M services, with activities focused in Middle East, Europe and Asia. The company has successfully leveraged its expertise in electrical equipment manufacturing and, in the engineering, procurement and construction (EPC) of power transmission and distribution projects in Saudi Arabia to develop and operate renewable energy projects globally.

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

Baker & Mckenzie, Bahrain acted as Apicorp’s legal counsel on the financing and Hogan Lovells, Dubai advised Alfanar. – TradeArabia News Service