BBK Provides Alba with BD 1.6mn for Solar Farm

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by KnowESG
KnowESG_Alba
Image courtesy of https://www.mepmiddleeast.com/

Aluminium Bahrain (Alba) has secured a BD1.6 million sustainable financing loan from the Bank of Bahrain & Kuwait (BBK) to set up a solar farm with a capacity of over 6 MW.

The solar farm will include the installation of around 11,300 photovoltaic solar panels across a total area of 37,000 sq m on the rooftops of Alba car parks and some of its buildings, including the Spent Pot Lining (SPL) Treatment Plant.

The financing and solar project will support Alba’s goal to become more sustainable and reduce its environmental impact while also contributing to Bahrain’s objectives for net-zero emissions by 2060.

During the signing ceremony on March 12, Alba’s CEO Ali Al Baqali highlighted that the solar farm project reflects Alba’s climate strategy and ties into its value creation story. He also emphasised the importance of working with banking partners, such as BBK, to finance green projects with green loans in line with Alba’s environmental, social, and governance (ESG) roadmap.

Dr A Rahman Saif, Group CEO of BBK, stated that the bank is committed to supporting Bahrain’s policies and programs to improve energy efficiency and promote sustainable development. He expressed BBK’s honour in supporting Alba in its mission to become a leader in developing and implementing high-quality projects involving renewable energy sources.

Alba is the world’s largest aluminium smelter outside of China and is dedicated to improving its sustainability and reducing its carbon footprint.

The solar farm project is a significant step towards achieving this goal and contributing to Bahrain’s broader sustainable development objectives. The support from BBK and other banking partners for sustainable financing will be crucial in enabling companies like Alba to implement environmentally-friendly projects and reduce their environmental impact.

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Source: MEP

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