New Qatari solar JV aims to add 1 GW of capacity

The planned solar joint venture between Qatar Petroleum (QP) and Qatar Electricity and Water Company (QEWC) will seek to build about 1 GW of solar parks, a top official told reporters on Sunday.

Fahad bin Hamad al-Mohannadi, QEWC’s general manager, confirmed that the JV partners will provide some USD 500 million (EUR 451m) of start-up capital for the new firm in which QEWC will hold a 60% stake. The rest will be owned by Qatar Petroleum.

The parties will hold tenders to give foreign companies the chance to back 40% of each solar project they will be developing, Mohannadi said as cited by Reuters.

QEWC’s business development director Abdulsattar al-Rasheed, in turn, told reporters that the joint entity is expected to be finalised in late 2016 or in early 2017.

Plans for the JV were first unveiled at the end of 2015.

(USD 1.0 = EUR 0.902)

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