TAQA and Reykjavik Geothermal form joint venture
TAQA and Reykjavik Geothermal have formed TAQA Geothermal Energy with the aim of developing geothermal resources in Saudi Arabia.
The Industrialization and Energy Services Company (TAQA) and Reykjavik Geothermal (RG) have signed a Joint Venture Agreement to establish TAQA Geothermal Energy LLC, headquartered in Riyadh, Saudi Arabia. TAQA Geothermal will explore and develop Geothermal resources in Saudi Arabia and the Middle East and North Africa (MENA) region, contributing to Saudi and Middle East Green Initiatives’ decarbonization targets.
The new joint venture is in full alignment with the Kingdom of Saudi Arabia’s efforts to reduce carbon emissions toward achieving Net Zero while diversifying the Kingdom’s energy mix, in line with Vision 2030.
“Today I am happy to announce that TAQA is partnering with a world-class, well-established global leader in the development of Geothermal Resources (Reykjavik Geothermal (RG)). Together we are creating TAQA Geothermal Energy LLC, headquartered in Riyadh – KSA mandated to explore and develop the equivalent of 1GW of Geothermal power from resources in the Kingdom and to further contribute to the realization of the Saudi & the Middle East Green Initiatives decarbonization targets,” said Khalid Nouh, Group CEO of TAQA.
Established in Saudi Arabia in 2003 and with 54% ownership by the Public Investment Fund of Saudi Arabia, TAQA innovates, develops and deploys technologies, products and solutions to the Energy industry, enabling the performance of its customers
“The RG team is a long-time believer in the geothermal potential of the Kingdom; we first started exploring the local resources in 2009. This clean, stable and inexpensive baseload energy source has enormous potential. It goes beyond the 1+ GW of high-enthalpy power generation, our new joint venture aims to develop to large-scale direct-use of geothermal cooling and desalination projects using the Kingdom’s plentiful low-and medium enthalpy resources,” added Godmundur Thoroddsson., Chairman of the board of RG.
Earlier this year, the Ministry of Energy of Saudi Arabia and the Saudi Geological Survey (SGS) signed a memorandum of understanding for the start of geothermal exploration in the country. With the arrival of TAQA Geothermal, there is now a huge opportunity to realize the ambitions of Saudi Arabia to develop geothermal projects.