QatarEnergy inks agreement with QEWC to fully acquire Siraj Energy

QatarEnergy, a state-owned petroleum company, has signed a share sale and purchase agreement with Qatar Electricity and Water Company (QEWC) in order to acquire QEWC’s 49 percent interest in Siraj Energy.

As a result of the agreement, Siraj Energy will become a wholly owned affiliate of QatarEnergy, subject to customary approvals.

Siraj Energy was established in 2017 with the purpose of financing, building, operating, maintaining solar power facilities, and selling electricity generated from solar power, within the State of Qatar.

According to the statement, “Siraj Energy has a 60 percent interest in Siraj, which owns and will operate Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with a total installed capacity of 800 MW.”

“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.”

According to the statement, it is expected that upon closing of this acquisition, Siraj Energy will be absorbed within QatarEnergy Renewable Solutions, which is QatarEnergy’s investment arm specializing in renewable and sustainable energy investments and projects.

In September, QatarEnergy selected TotalEnergies as the first international partner in the North Field South (NFS) expansion project.

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