The Arab Petroleum Investments Corporation (APICORP) has signed a five-year Murabaha financing worth US$75mn with Saudi Arabia-based alfanar, aiming to support the latter?s renewable energy projects, including a wind power project in Spain
Jamal Wadi, CEO at alfanar, said that the move is in line with the company?s aim to further double its portfolio in the next few years.
The company is engaged in manufacturing of electrical products and designing engineering services, with activities focused in the Middle East, Europe and Asia. It also provides solutions in electrical equipment manufacturing and in the engineering, procurement and construction (EPC) of power transmission and distribution projects in Saudi Arabia to develop renewable energy projects globally.
Nicolas Thevenot, managing director and head of corporate finance at APICORP, commented that the agreement follows APICORP?s focus on supporting global sustainability through projects driven by environmentally conscious and renewable principles.
APICORP aims to tap into the growing demand for renewable energy in various countries around the globe. It is set to deploy three gigawatts by 2022 with an intention to grow the portfolio to four to five gigawatts by 2025.
Bahrain?s Baker & Mckenzie acted as APICORP?s legal counsel on the financing and Dubai?s Hogan Lovells advised alfanar.
