PIF-backed Industrialisation and Energy Services Co (TAQA) has signed a joint venture agreement with Reykjavik Geothermal to establish TAQA Geothermal Energy LLC, 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 Green Initiatives’ decarbonisation targets. TAQA said in a press release that the new joint venture is in “full alignment with the Kingdom’s efforts to reduce carbon emissions toward achieving net zero while diversifying the Kingdom’s energy mix, in line with Vision 2030,”
Khalid Nouh, Group CEO of TAQA, said the new company will explore and develop the equivalent of 1GW of Geothermal power from resources in the Kingdom and to further contribute to the realisation of the Saudi and the Middle East Green Initiatives decarbonisation targets.
