Saudi Arabia’s Alfanar is aims to tap into the growing demand of renewable energy in various countries around the globe.
Thursday 09, May 2019 BY KUDAKWASHE MUZORIWA
The Arab Petroleum Investments Corporation (APICORP) has signed a five year $75 million Murabahah financing facility with Alfanar Global Development, in support of Alfanar’s renewables energy projects including the wind project in Spain.
Jamal Wadi, the Chief Executive Officer of Alfanar, said, “The signing of the Murabahah agreement with APICORP brings us a step closer to realising our commitment.”
The company has leveraged its expertise in electrical equipment manufacturing and in the engineering, procurement as well as construction of power transmission and distribution projects in the Kingdom to develop and operate renewable energy projects globally.
“APICORP is committed to encourage Saudi companies in their pursuit of opportunities beyond their home market,” said Nicolas Thevenot, APICORP’s Managing Director, Head of Corporate Finance.