London, 26 September 2012: Bank of London and The Middle East plc, Europe's largest Islamic bank whose main shareholders are Boubyan Bank and the Kuwaiti Public Institution for Social Security, today announced a significant senior secured transaction with Greenergy Biofuels Limited. BLME acted as lead arranger, with BLME and a Qatari-based bank having equal stakes.  The facility is secured against the assets of a biodiesel plant in Immingham, Humberside, UK.

Jitesh Sodha, Greenergy Chief Financial Officer, said:

"I am pleased to have BLME as a new financing arranger for Greenergy and delighted by successful funding under our Murabaha financing agreement.   We continue to progress new investment and growth opportunities, and on this path we look forward to developing further our banking relationships."

Massoud Janekeh, Head of Capital Markets, said:

"This was a complex deal in which BLME's strong relationships with GCC and UK financial institutions were invaluable. The deal clearly demonstrates the versatility of Islamic finance, as well as the appetite of the Middle Eastern banks for investment in the UK energy sector."

Janekeh continued:

"There is significant scope to invest in the UK's renewable energy sector, a large part of which is the road fuel segment. The UK's fuel market has changed considerably over the last decade;  the reduction in refining capacity, implementation of renewable energy directive and emergence of supermarkets in retailing petrol have substantially changed the supply chain mindset. This has created fresh investment opportunities for innovative companies such as Greenergy who are game changers in this market. BLME is pleased to be supporting Greenergy as it continues its growth in this market."  

BLME
Bank of London and The Middle East plc ("BLME") is an independent UK wholesale Sharia'a compliant bank based in London. BLME received FSA authorisation in July 2007 and is the largest of its peers in Europe. It is led by a management team that brings together a combination of experienced international bankers and leading experts in Islamic finance.

The four core areas that set the foundations for BLME's competitive offering are Private Banking, Asset Management, Corporate Banking and Markets Division.

BLME is dedicated to offering innovative Islamic investment and financing products to businesses and high net-worth individuals in the European, US, Asian and MENA regions. To ensure that BLME's services and operations are wholly Sharia'a compliant, the Bank has a dedicated Sharia'a Supervisory Board ("SSB"). The SSB's role is to review contracts and agreements relating to all transactions ensuring that they are consistent with the principles of Islamic jurisprudence.

Greenergy
Greenergy is a major supplier of petrol and diesel to oil companies, supermarkets, bus and haulage companies, primarily in Britain. Last year (April 2011 to April 2012) it supplied 10.9 billion litres of fuel, equivalent to more than fifth of all the road fuel in the UK. In order to supply its customers more efficiently, Greenergy has made a number of infrastructure investments in the UK over the past five years. These have included new import and manufacturing facilities at Vopak sites on the Thames estuary and in Teesside, as well as new storage facilities in Cardiff and Plymouth. At Immingham on the east coast of England, Greenergy also owns and operates the largest waste-based biodiesel production facility in Europe.

www.greenergy.com

For more information contact:
Leslie Mouawad
Bensirri Public Relations
M: +965 99981334
E: leslie@bensirri.com

© Press Release 2012