The Arab Petroleum Investment Corporation (APICORP) has inked a strategic five-year Murabaha financing facility worth $75 million with Alfanar Company, APICORP announced on a press release.

“With an existing portfolio exceeding 1.5 gigawatts (GW) 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 realizing our commitment. This partnership with APICORP comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets,” Jamal Wadi, Alfanar Global Development’s CEO said.

“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,” Nicolas Thevenot, APICORP’s Managing Director, Head of Corporate Finance, commented.

Alfanar is a Saudi based company engaged in manufacturing electrical products, design engineering, and O&M services, with activities focused in the Middle East, Europe, and Asia.