Bank of London and The Middle East arranges senior secured Murabaha finance facility for Greenergy
- Kuwait: Wednesday, September 26 - 2012 at 13:41
- PRESS RELEASE
Bank of London and The Middle East plc, Europe's largest Islamic bank whose main shareholders are Boubyan Bank and the Kuwaiti Public Institution for Social Security, announced a significant senior secured transaction with Greenergy Biofuels Limited.
Jitesh Sodha, Greenergy Chief Financial Officer, said: "I am pleased to have BLME as a new financing arranger for Greenergy and delighted by successful funding under our Murabaha financing agreement. We continue to progress new investment and growth opportunities, and on this path we look forward to developing further our banking relationships."
Massoud Janekeh, Head of Capital Markets, said: "This was a complex deal in which BLME's strong relationships with GCC and UK financial institutions were invaluable. The deal clearly demonstrates the versatility of Islamic finance, as well as the appetite of the Middle Eastern banks for investment in the UK energy sector."
Janekeh continued: "There is significant scope to invest in the UK's renewable energy sector, a large part of which is the road fuel segment. The UK's fuel market has changed considerably over the last decade; the reduction in refining capacity, implementation of renewable energy directive and emergence of supermarkets in retailing petrol have substantially changed the supply chain mindset. This has created fresh investment opportunities for innovative companies such as Greenergy who are game changers in this market. BLME is pleased to be supporting Greenergy as it continues its growth in this market."
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