TAQA and Reykjavik Geothermal have signed a joint venture agreement to establish TAQA Geothermal Energy, headquartered in Riyadh, Saudi Arabia.
TAQA Geothermal will explore and develop geothermal resources in Saudi Arabia and the MENA region, contributing to Saudi and Middle East decarbonization targets. The new joint venture is in full alignment with the Kingdom’s efforts to reduce carbon emissions toward achieving net zero while diversifying its energy mix, in line with Vision 2030.
“We started our journey of transitioning into a sustainable future in early 2021, when we created the TAQA Geothermal Center of Excellence (TG-CoE) in Turkey, with the objective of sharing knowledge and experience of geothermal development with other stakeholders in the Kingdom,” TAQA CEO Khalid Nouh said. “Throughout the past two years, TG-CoE worked closely with universities, research institutes, K A-CARE, and SGS under the directives of the Ministry of Energy. The outcome of these collaborative efforts is a promising potential of geothermal resources in the Kingdom, and time have come to take bold steps to further explore this resource and realize its full potential.”
TAQA Geothermal’s mandate is to explore and develop the equivalent of 1GW of geothermal power in the Kingdom.