Saudi's Alfanar said to launch UK office for $1.3bn renewable projects
EPC contractor will reportedly set up a London-based office to oversee the investment, which will create up to 30 jobs
Saudi Arabia’s Alfanar Group will reportedly set up a London-based renewable energy office to oversee the industrial conglomerate’s activity in the UK that includes a $1.3bn investment in various energy projects.
According to local daily Arab News, the office will be established through the group’s subsidiary Alfanar Energy UK Ltd and will create up to 30 jobs.
The move supports the engineering, procurement, and construction (EPC) contractor’s investment in six waste-to-energy projects – all of which contribute to the UK’s government recent commitment to net-zero greenhouse gas emissions by 2050.
As quoted by the Riyadh-based outlet, Graham Stuart, minister for investment at the UK Department for International Trade, said: “Alfanar has been working in the UK market since 2006, and today’s announcement demonstrates their confidence in the UK economy and our world-leading renewable energy sector.”
Jamal Wadi, chief executive of Alfanar Global Development, reportedly said: “We see clear benefits in partnering with UK-based suppliers, contractors and engineering firms.”
The news comes two months after Alfanar secured $75m (SAR281.2m) in Islamic financing from Arab Petroleum Investments Corporation (Apicorp) to support its renewable energy projects, including a wind power development in Spain.
March 2019 saw the Saudi company ink an agreement with Electric Generation Company Bangladesh for the construction of a 100MW solar independent power project.