TAQA, Iceland's RG to set up 1-GW geothermal JV in S Arabia

Abu Dhabi National Energy Company (TAQA) and Iceland-based Reykjavik Geothermal (RG) have teamed up to jointly develop geothermal power projects in Saudi Arabia, targeting 1 GW of potential capacity.

The pair will develop geothermal resources in the Kingdom and the entire Middle East and North Africa (MENA) region through a joint venture called TAQA Geothermal Energy LLC. The new entity will be based in Riyadh, Saudi Arabia, the partners announced on Tuesday during a private sector forum in Riyadh held by the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund.

The JV agreement aligns with Saudi Arabia’s goal to achieve net zero emissions by 2030.

“Together we are creating TAQA Geothermal Energy LLC, headquartered in Riyadh – KSA mandated to explore and develop the equivalent of 1 GW of geothermal power from resources in the Kingdom and to further contribute to the realisation of the Saudi & the Middle East Green Initiatives decarbonisation targets,” said Khalid Nouh, Group CEO of TAQA.

TAQA already has a geothermal centre of excellence in Turkey, which was opened in early 2021 to conduct research and bring knowledge to its home country.

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