First Energy Bank (FEB) has seen a growth, and part of this increase could be attributed to its dealings in the renewable energy sector. This is a strong indicator as to where the markets are shifting considering FEB is relatively new to the scene – beginning in late 2008.
The financier got on board with the alternative energy sector in 2009 with the establishment of the Saudi Polysilicon Project, the largest polysilicon production facility in the MENA region. The bank also acquired a 9% stake in the Al Dur Independent Water and Power Production project in
FEB announced a net profit of $3.96 billion for Q1 with a gross income of $10.32 million. The bank’s shareholders include a range of organizations and individuals with an interest in the energy sector from
Vahan Zanoyan, CEO of First Energy Bank, said: "Our strategy remains the building of a well diversified portfolio of quality assets in the global energy sector, spanning the entire breadth of the energy value chain, from upstream oil and gas production, to petrochemical, distribution, energy logistics and renewable energy sources."
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