The Arab Petroleum Investments Corporation (Apicorp) has signed a five-year Islamic financing facility with Saudi-based Alfanar Company worth USD 75 mn, according to a press release (pdf). The loan from the development bank will support Alfanar’s renewable energy projects, including its 300 MW wind project in Spain. “With an existing portfolio exceeding 1.5 GW of renewable development projects around the globe, Alfanar is committed to further double its portfolio in the next few years,” said Alfanar CEO Jamil Wadi.

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