QatarEnergy Fully Acquires Siraj Energy

QatarEnergy Fully Acquires Siraj Energy

QatarEnergy declared the signing of a share sale and purchase agreement with Qatar Electricity and Water Company (QEWC) to acquire QEWC’s 49% interest in Siraj Energy, which will result in Siraj Energy becoming a wholly owned affiliate of QatarEnergy, subject to customary approvals.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the CEO of QatarEnergy, commented on the agreement: “This acquisition marks the transition of Siraj Energy to being a wholly owned affiliate of QatarEnergy, and is an important step for QatarEnergy in consolidating its position in the renewables business and in delivering its Sustainability Strategy mid-term target of generating 5 gigawatts of solar power by 2035. This acquisition brings the total solar power capacity within QatarEnergy’s direct control to 1,675 megawatts (MW) and brings all utility scale solar power generation projects in Qatar under QatarEnergy’s direct control.”

In order to build, operate, and maintain solar power facilities and sell electricity produced by solar power within the State of Qatar, Siraj Energy was founded in 2017.The Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project is Qatar’s first and largest PV project, with a total installed capacity of 800 MW. Siraj Energy has a 60% interest in Siraj (1), which will own and operate the project.

Upon completion of this acquisition, it is anticipated that Siraj Energy would be merged into QatarEnergy Renewable Solutions, the investment arm of QatarEnergy that focuses on investments and projects in renewable and sustainable energy.

 

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