Alba Secures BBK's Sustainability Financing for its Solar Farm Project
Aluminium Bahrain B.S.C. (Alba), the world’s largest Aluminium smelter ex-China, is pleased to announce that it has secured sustainable financing loan of BD1.6 million to establish its Solar Farm Project from Bank of Bahrain & Kuwait (BBK), Bahrain's pioneer in retail and commercial banking.
A signing ceremony was held on 12 March 2023 at Alba’s Al Dana Hall, which was attended by Alba's Chief Executive Officer Ali Al Baqali and BBK's Group Chief Executive Officer Dr. A. Rahman Saif in the presence of senior officials from Alba and BBK.
Commenting on this occasion, Alba's CEO Ali Al Baqali said:
"Our vision goes beyond the Aluminium we produce or the manufacturing processes we rely on. Our ambition today, being the largest smelter in the world ex-China, is to deliver what is best to all our stakeholders: our people, communities, customers and most importantly to the Kingdom of Bahrain.
Installing the Solar Farm reflects how our climate strategy ties into our value creation story. Teaming up with our banking partner, BBK, we were able to finance our green project with a green loan in line with our ESG roadmap.
Every small step we take collectively, will get us closer to meet Bahrain's objectives for Net Zero Emissions by 2060."
Adding further, the Group CEO of BBK said:
"We pledge to support the Kingdom's comprehensive policies and programs that aspire to improve energy efficiency and steer the country towards the usage of alternative energy sources that promote sustainable development. Alba, one of the largest national industrial firms in the Kingdom of Bahrain, is being supported by BBK to implement state-of-the-art standards for the use of renewable energy. We are honored to support Alba in its mission to become a leader in developing and implementing high-quality projects involving renewable energy sources and to serve as an example of how banks and corporations may collaborate in the field of green.”
The financing will enable Alba to set up its Solar Farm with a capacity of more than 6 Megawatts (MW). This Project includes the installation of about 11,300 photovoltaic solar panels on the rooftop of Alba car parks and some of its buildings, including its Spent Pot Lining (SPL) Treatment Plant, across a total area of 37,000 square meters.