QatarEnergy to take full control of solar power firm Siraj Energy

​State-owned petroleum company QatarEnergy has agreed to acquire the remaining 49% stake in Siraj Energy in a deal that will 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 confidential.

The agreed buyout 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,” said Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy.

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

The target company also holds a 60% stake in Siraj (1), the owner and operator of Qatar’s first utility-scale photovoltaic (PV) project, which has a total installed capacity of 800 MW. The Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project is set to be inaugurated later in October.

Upon completion of the deal, Siraj Energy will be integrated into QatarEnergy Renewable Solutions which specialises in renewable and sustainable energy investments and projects.

The agreed buyout of Siraj Energy comes after QatarEnergy, formerly known as Qatar Petroleum, in August awarded a unit of Samsung Group a contract to build two photovoltaic (PV) solar power plants with a combined capacity of 875 MW in the Gulf state.

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