Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) has signed a five-year Murabaha financing facility with the Saudi-based Alfanar Company (Alfanar), one of the leading developers and engineering, procurement and construction (EPC) for clean energy and manufacturer of electrical products.

The facility’s total value amounted to $75 million, APICORP, a multilateral development bank, said in a statement on Wednesday.

“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,” Jamal Wadi, CEO Alfanar, commented on the deal.

The new finance aims at supporting Alfanar’s renewables energy projects, including the wind project in Spain.

“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,” Nicolas Thevenot, managing director of APICORP, said.

It is worth noting that Alfanar aims to deploy 3 gigawatts (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.