Thursday 18 July 2019

Saudi Arabian firm to invest £1bn in UK energy recovery projects

Saudi Arabia’s Alfanar Group has pledged to invest £1 billion in six waste-to-energy projects in the UK.

The company is making the investment through its new subsidiary Alfanar Energy UK, which will be headquartered in London and create up to 30 jobs.

It will oversee the Group’s investments in the UK, including the energy recovery projects, which is expected to create hundreds of new jobs and contribute to the government’s recent commitment towards net zero emissions by 2050.

Alfanar Group, which has a global renewable portfolio that consists of solar, wind and waste-to-energy assets with a total capacity of 1.5GW, says the projects will divert more than a million tons of waste from landfill.

During his visit to Riyadh, UK Investment Minister Graham Stuart said: “I am very pleased that Alfanar has decided to extend their investment in the UK into the renewable energy sector.

“Alfanar has been working in the UK market since 2006 and today’s announcement demonstrates their commitment in the UK economy and our world leading renewable energy sector.”