TAQA, entered a joint venture with Icelandic firm Reykjavik Geothermal to provide one gigawatt of green power to the region.
Called TAQA Geothermal Energy, the joint venture will explore and develop geothermal resources in Saudi Arabia, the Middle East, and the North African region, contributing to the decarbonization targets of their respective government-mandated green initiatives. The company will be based in Riyadh.
This is the first geothermal company that is going to be created in this region, and will bring at least one gigawatt of clean energy to the energy grid of Saudi Arabia and the Middle East.
Reykjavik Geothermal is a world-renowned and established global leader in developing sustainable geothermal power.
The joint venture comes close on the heels of TAQA acquiring an Abu Dhabi-based company called AlMansoori Petroleum Services.
TAQA was established in Saudi Arabia in 2003. With 54 percent ownership by the PIF, the company innovates, develops, and deploys solutions to the energy industry.