Saudi group to expand UK operations via $1.24bln investment into renewable energy

      Published on Wednesday, 24 July , 2019      594 Views     
Saudi group to expand UK operations via $1.24bln investment into renewable energy

The Alfanar Group, one of Saudi Arabia’s largest industrial conglomerates, will set up a renewable energy office in the UK to oversee Alfanar’s investments, including a £1 billion ($1.24 billion) investment into six waste-to-energy projects that are expected to create hundreds of new jobs.

These projects are part of the UK government’s recent commitment to “net zero” greenhouse gas emissions by 2050.

They will also divert more than a million tons of waste away from landfill, supporting the UK government’s Industrial Strategy Grand Challenge for clean growth.

“[Alfanar’s] investment will create new jobs and help support the government’s ambition to hit ‘net zero’ greenhouse gas emissions by 2050,” said Graham Stuart, the UK’s Minister for Investment, during his visit to Riyadh on July 16.

Alfanar is primarily engaged in manufacturing a wide range of electrical construction products; engineering, procurement, construction (EPC) solutions for conventional and renewable power plants; allied engineering services; and design engineering.

Alfanar will set up its office in London through its subsidiary, Alfanar Energy UK Ltd., which is also expected to create as many as 30 jobs.

Jamal Wadi, CEO of Alfanar Global Development, had this comment on the investment: “We see clear benefits in partnering with UK-based suppliers, contractors, and engineering firms. Alfanar Group is a global player in the electricity sector, with a global renewable development portfolio in photovoltaic, concentrated solar power, wind and waste-to-energy projects of 1.5 GW.”

As a worldwide energy EPC developer, Alfanar has an aggregated value of $2 bn in ongoing turnkey projects under construction or in final stages in Europe, the Middle East, Africa and South Asia. According to a statement from the company, it also caters to various government and business sectors to support Saudi Arabia’s Vision 2030 nationalization and manufacturing plans for the power and water sectors.

Category Business | 2019/07/24 latest update at 10:17 AM
Source : Zawya | Photocredit : Google
Comments Add comment

Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.

Sponsored Publications