Qatar Electricity and Water Company (QEWC) is planning to build a new plant in 2027 with a production capacity of 2,600 MW of electricity and 100 MIGD (million gallons per day) of water.
"The company also plans to build another new plant in 2027, similar to the Ras Abu Fontas Power Plant in terms of production capacity and financial returns," QEWC chairman HE Saad bin Sherida al-Kaabi told shareholders Monday at the annual general assembly meeting, which approved the 2020 financial results and distribution of 60% of its net profits for the current year, equivalent to QR0.63 per share.
One of the most prominent local projects in this context is the construction of Ras Abu Fontas station with a capacity of 2,600 MW of electricity and 100 MIGD of desalinated water. The project is scheduled to be completed in the third quarter of 2024 at a cost of approximately $3bn with an IRR (internal rate of return) 7% to 8%, he said.
It is expected that the first phase of electricity capacity will be completed in June 2023 and the first phase water capacity will be completed in July 2023. The project will be fully completed in June 2024 with a production capacity of 2,600 MW of electricity and 100 MIGD of water.
Al-Kaabi said the company is currently working on the expansion of Al Houl project, which will increase the water production capacity of the plant by 45% to 198 MIGD and the project is expected to be fully commissioned during the second quarter of 2021, after which it will cover about 30% of the country's electricity needs and 58% of water.
The Al Houl project is part of the company's strategy to diversify its revenue sources, operations and raise the level of performance efficiency to preserve the natural and environmental resources.
He also said Siraj 1 project, which is one among the largest solar power projects in the region in terms of size and capacity, is expected to be completed by first half of 2022, with a capacity of 800 MW of electricity.
In terms of foreign investments, QEWC focused its activities on diversifying and developing its investments, entering into new projects and taking advantage of the best global investment opportunities.
The company, through "Nebras Power Company", acquired major stakes in various energy projects outside Qatar, most notably the Zen project in the Netherlands, the Oryx project in Jordan, the solar energy project in Brazil, the Stockyard Hill wind power project in Australia, the Carthage Power Company in Tunisia, and the Amin renewable energy project in Oman.
In addition, it has developed a future plan for the next decade, in line with the country's growing needs for electricity and water and to support infrastructure projects and the 2022 FIFA World Cup.
A memorandum of understanding has been signed between QEWC and the Ministry of Municipality and Environment to establish a specialised company to produce electricity from waste with a capacity of 50 MW to 200 MW.
The joint project aims to get rid of waste and produce electricity using latest and environmentally friendly technologies.