Saudi's Energia secures mezzanine capital for expansion

Saudi energy rental business Energia Model Trading and Contracting has obtained sharia-compliant mezzanine capital from Kuwait-based NBK Capital Partners to proceed with its expansion plan, Reuters reported, citing a senior executive.

The funding will enable Jubail-based Energia to expand and take advantage of the increased construction activity and infrastructure spending stimulated by Saudi Vision 2030, the report said, without disclosing the financed amount.

The latest funding is the third deal from NBK Capital's $160 million mezzanine fund set up last year.

Founded in 2005, NBK Capital Partners manages private equity, mezzanine and real estate funds and is a unit of NBK Capital, a subsidiary of the National Bank of Kuwait.