TAQA, Reykjavik Geothermal venture to generate 1GW of clean energy for Middle East
Clean energy provision in Saudi Arabia and the Middle East has received a boost after Dhahran-based The Industrialization & Energy Services Co., also known as TAQA, entered into a joint venture with Icelandic firm Reykjavik Geothermal to provide one gigawatt of green power to the region.
Called TAQA Geothermal Energy, the joint venture will explore and develop geothermal resources in Saudi Arabia, the Middle East, and the North African region, contributing to the decarbonization targets of their respective government-mandated green initiatives. The company will be based in Riyadh.
Speaking to Arab News on the sidelines of the Public Investment Fund Private Sector Forum in Riyadh, TAQA Group CEO Khalid Nouh said that the joint venture would change the energy dynamics in the region.
“This is the first geothermal company that is going to be created in this region, and we promise to bring at least one gigawatt of clean energy to the energy grid of Saudi Arabia and the Middle East,” said Nouh.
Based in Reykjavik, Reykjavik Geothermal is a world-renowned and established global leader in developing sustainable geothermal power.
“We made a very promising joint venture partner with Reykjavik Geothermal. They have been in the business of developing geothermal resources for almost 30 years. They visited Saudi Arabia more than 10 years ago, and I am excited that we are partnering with them,” he added.
The joint venture comes close on the heels of TAQA acquiring an Abu Dhabi-based company called AlMansoori Petroleum Services in January.
“It’s a huge acquisition, with over 5,500 employees in more than 20 countries. This is basically to create a Saudi company that operates beyond the geography of Saudi Arabia,” said Noua, who started his journey with TAQA in 2019 when he was appointed CEO.
TAQA was established in Saudi Arabia in 2003. With 54 percent ownership by the PIF, the company innovates, develops and deploys solutions to the energy industry.
The company has over 5,500 employees and operates across 20 countries, including UAE, Oman, Qatar, Kuwait, Kurdistan, Egypt, Libya and Algeria.
“The objective is to create value through the big initiatives happening in the region, the Saudi Green Initiative, the Middle East Green Initiative to reach the net-zero carbon by 2060. So, these are all challenging objectives that we need to contribute to actively.”