QatarEnergy to take full control of solar power company Siraj Energy

• State-owned petroleum company QatarEnergy has accepted acquire the continuing to be 49% risk in Siraj Energy in a bargain that will certainly boost its total solar power capacity under direct control to 1.675 GW.

The shareholding will be acquired from Qatar Electricity and Water Company (QEWC). The value of the deal remained private.

The agreed buyout is an "crucial action for QatarEnergy in settling its placement in the renewables business and in supplying its Sustainability Strategy mid-term target of generating 5 gigawatts of solar energy by 2035," stated Saad Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs and also Chief Executive Officer of QatarEnergy.

Set up in 2017, Siraj Energy is active in financing, structure, operating and maintaining solar power facilities throughout Qatar.

The target company additionally holds a 60% stake in Siraj (1 ), the proprietor as well as driver of Qatar's first utility-scale solar (PV) project, which has a complete mounted capacity of 800 MW. The Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project is readied to be ushered in later on in October.

Upon conclusion of the deal, Siraj Energy will certainly be incorporated into QatarEnergy Renewable Solutions which specialises in sustainable and sustainable energy investments and also projects.

The concurred buyout of Siraj Energy follows QatarEnergy, previously known as Qatar Petroleum, in August awarded a system of Samsung Group an agreement to construct 2 solar (PV) solar power plants with an incorporated capacity of 875 MW in the Gulf state.