Saudi group to invest $1bn in UK renewable energy sector

Saudi Arabia’s Alfanar Group has announced plans to open a renewable energy investment vehicle in London to push ahead with a $1 billion programme to develop six waste-to-energy plants in the UK.

UK renewable energy

The Saudi conglomerate announced the establishment of its UK-based energy venture Alfanar Energy UK during a visit from Graham Stuart, Britain’s Minister for Investment to the Saudi capital Riyadh.

“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,” Stuart said during a press event in Riyadh. “Their investment will create new jobs and help support the government’s ambition to hit ‘net zero’ greenhouse gas emissions by 2050.” Continue reading “Saudi group to invest $1bn in UK renewable energy sector”