Siraj Power, the solar energy company for electricity generation in Qatar, would start production by April 30, 2020, said HE the Minister for Energy and Industry, Dr Mohamed bin Saleh al-Sada, said yesterday.
In his report to the Annual General Meeting of the Qatar Electricity and Water Company (QEWC), Dr al-Sada said Siraj Power would have an initial production capacity of 200MW of electricity, with an expansion plan of up to 500MW.
A Memorandum of Understanding for setting up the company was signed between QEWC and Qatar Petroleum (QP) in December, 2015.
Upon getting approval from the Supreme Council for Economic Affairs and Investment, Siraj Power would have a capital base of $500mn, of which QEWC would have 60% partnership and QP’s share would be 40%.
The joint venture agreement was signed by the partners in November last year.
The initial agreement with Qatar General Electricity and Water Corp (Kahramaa) and selection of project advisers are expected later this year.
The company would formally come into being by March 31, and other works for implementation of the project is expected to start by June 30 this year.
Meanwhile, as announced earlier the net profit of the QEWC for the year 2016 was QR1.54bn, which showed a rise of 3% from the previous year’s figure of QR1.50bn.
The total operational expense for 2016 was QR1.70bn compared to QR1.69bn the previous year.
The operating revenues for 2016 were QR3.103bn compared to QR2.983bn the previous year.
The income from joint venture companies amounted to QR372mn compared to QR409mn in 2015.
The total revenue for 2016 amounted to QR3.58bn compared to QR3.50bn in 2015.
The general and administrative expense amounted to QR201mn compared to QR183mn the previous year.
The financing expenses rose to QR106mn compared to QR100mn in 2015.
HE the Minister for Energy and Industry Dr Mohamed bin Saleh al-Sada (fourth left) and other officials at the QEWC AGM yesterday. PICTURE: Jayan Orma