QatarEnergy announced the signing of a share sale and purchase agreement with Qatar Electricity and Water Company (QEWC) to acquire QEWC’s 49% interest in Siraj Energy, which will result in Siraj Energy becoming a wholly-owned affiliate of QatarEnergy, subject to customary approvals.
Commenting on concluding the agreement, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy, said, “This acquisition marks the transition of Siraj Energy to being a wholly owned affiliate of QatarEnergy, and is an important step for QatarEnergy in consolidating its position in the renewables business and in delivering its Sustainability Strategy mid-term target of generating 5GW of solar power by 2035.
“This acquisition brings the total solar power capacity within QatarEnergy’s direct control to 1,675 megawatts (MW) and brings all utility scale solar power generation projects in Qatar under QatarEnergy’s direct control.”
Siraj Energy was established in 2017 with the purpose of financing, building, operating, and maintaining solar power facilities, and selling electricity generated from solar power, within Qatar.
Siraj Energy has a 60% interest in Siraj (1), which owns and will operate Al Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with total installed capacity of 800MW.
This transaction follows the awarding in August 2022 of Engineering, Procurement and Construction (EPC) contracts for QatarEnergy’s industrial cities solar power project, IC Solar, which consists of two large-scale PV solar power plants to be built in Mesaieed Industrial City and Ras Laffan Industrial City with capacities of 417MW and 458MW, respectively.
It is expected that upon closing of this acquisition, Siraj Energy will be absorbed within QatarEnergy Renewable Solutions, which is QatarEnergy’s investment arm specialising in renewable and sustainable energy investments and projects.
Commenting on concluding the agreement, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy, said, “This acquisition marks the transition of Siraj Energy to being a wholly owned affiliate of QatarEnergy, and is an important step for QatarEnergy in consolidating its position in the renewables business and in delivering its Sustainability Strategy mid-term target of generating 5GW of solar power by 2035.
“This acquisition brings the total solar power capacity within QatarEnergy’s direct control to 1,675 megawatts (MW) and brings all utility scale solar power generation projects in Qatar under QatarEnergy’s direct control.”
Siraj Energy was established in 2017 with the purpose of financing, building, operating, and maintaining solar power facilities, and selling electricity generated from solar power, within Qatar.
Siraj Energy has a 60% interest in Siraj (1), which owns and will operate Al Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with total installed capacity of 800MW.
This transaction follows the awarding in August 2022 of Engineering, Procurement and Construction (EPC) contracts for QatarEnergy’s industrial cities solar power project, IC Solar, which consists of two large-scale PV solar power plants to be built in Mesaieed Industrial City and Ras Laffan Industrial City with capacities of 417MW and 458MW, respectively.
It is expected that upon closing of this acquisition, Siraj Energy will be absorbed within QatarEnergy Renewable Solutions, which is QatarEnergy’s investment arm specialising in renewable and sustainable energy investments and projects.