Qatar Petroleum (QP) and Qatar Electricity and Water Company (QEWC) are establishing a joint venture for the generation of electricity from renewables, reported Gulf Base.

QP has a 40% stake in the project, while QEWC enjoys the remaining 60%. The $500m joint venture, which is expected to be launched in mid-2016, aims at exploring possibilities for building viable and feasible renewable energy projects to meet Qatar’s growing needs, according to Zawya. Studies carried out in recent years had found enormous potential for renewable energy projects in Qatar, notably solar plants, for which some of the potential locations have already been identified.

HE the Qatari Prime Minister, Sheikh Abdullah bin Nasser bin Khalifa al-Thani, was present at the signing of the agreement and explained that this project was part of Qatar’s efforts at diversifying its sources of energy in line with the “environmental pillars of Qatar National Vision 2030,” conserving the environment and natural resources to “protect the rights of future generations”.