EDF Saudi Arabia and TAQA Geothermal Energy Company have signed a strategic Memorandum of Understanding (MoU) to collaborate on geothermal energy technologies including power generation and HVAC applications as well as Compressed Air Energy Storage (CAES) in Saudi Arabia.

The agreement was signed by Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal Energy Company during the third edition of the PIF Private Sector Forum in Saudi capital Riyadh.

Taqa Geothermal Energy was established as a joint venture by PIF- majority owned upstream energy services and engineering company TAQA and Iceland-based Reykjavik Geothermal following an agreement inked in March 2023 with an initial mandate to develop 1 gigawatt (GW) of power from geothermal resources in the Kingdom.

In December 2023, ADNOC and Tabreed commenced operations at the region’s first geothermal cooling plant in Masdar City, Abu Dhabi.

Read Zawya Report:  Stars are aligning in Gulf geothermal energy bets

(Writing by SA Kader ) (Editing by Anoop Menon)

(anoop.menon@lseg.com)

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