With $9.5 billion in investments throughout Africa and the Middle East, Citadel Capital continues to push renewable energy.
Recently appointed managing director Mohamed Shoeb said at the 4th General Conference of Arab Union of Electricity and Exhibition that a diversified approach to the energy sector was required. "However, with regional Governments outside the GCC facing sharp balance sheet constraints preventing them from funding large-scale infrastructure projects, and the turbulence in the European markets (a leading source of project finance in the past), as well as concerns over the post-Arab Spring climate, securing funding for such large-scale projects is becoming increasingly difficult. What we need therefore are bold and innovative approaches to fundraising."
The financier’s method includes first reducing a project’s fiscal and political risks prior to marketing it to investors. Then Citadel Capital targets development organizations, sovereign wealth funds, and credit export agencies. This helped the company reach financial close on the Egyptian Refining Co.’s $3.7-billion oil refinery.
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