Skip to content Skip to Search
Skip navigation

Total secures funds for $100m solar project in Saudi Arabia

The consortium will be responsible for financing, owning and operating the 119mwp peak photovoltaic power plant near Riyadh
The consortium will be responsible for financing, owning and operating the 119mwp peak photovoltaic power plant near Riyadh

TotalEnergies has reached financial closure to manage a $100 million solar photovoltaic power plant close to Riyadh.

The consortium comprises France’s TotalEnergies, Japan’s Toyota Tsusho and Saudi Arabia’s Altaaqa Renewable Energy (Zahid Group).

The deal was finalised with Arab Petroleum Investments Corporation and Riyadh Bank, TotalEnergies said in a statement.

The French oil major won the project in the third round of the kingdom’s national renewable energy programme.

A power purchase agreement with the state-owned Saudi Power Procurement Company will involve the group being responsible for financing, owning and operating the photovoltaic power plant, which will be built by China’s Sepco by early 2025 in Wadi Al Dawasir, 500km southwest of Riyadh.

Earlier this year TotalEnergies, which already operates solar plants in Qatar and the UAE, was awarded a large renewable project in Iraq.

“Saudi Arabia is a close partner of TotalEnergies and this project is another example of our successful multi-energy strategy,” Ahmed Tarzi, country chair of TotalEnergies Saudi Arabia, said.

In pursuit of the 2050 net zero goal, TotalEnergies is building a portfolio of activities in electricity and renewables.   

The company will expand this business segment to reach 35gw of gross production capacity from renewable sources and storage by 2025 and 100gw by 2030.

In a separate statement, Toyota Tsusho said this was its first project in Saudi Arabia.

The plant’s construction started in June 2023, and will be followed by the launch of the commercial operation in March 2025.

Toyota Tsusho and TotalEnergies will each own 40 percent of the project, while Altaaqa will hold the remaining 20 percent.

Latest articles

Men walk past an HSBC branch in Manama. HSBC Bank Middle East made pre-tax profit of $1.2bn in 2023

HSBC’s Middle East unit increases lending in Q4

HSBC’s Middle East subsidiary expanded its loan book in the fourth quarter, outperforming the bank’s other units. Customer lending at HSBC Bank Middle East was $20 billion on December 31, up $1.6 billion, or 8 percent, on three months earlier. Worldwide, HSBC’s customer lending fell by 2 percent over the same period. The Middle East […]

Abdullah Binghannam, deputy head of financing and investment at the Capital Market Authority, spoke on the second day of the forum in Riyadh

Saudi Arabia prods blue chips to list more shares

Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre.  Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […]

Al Jaber and IAE representatives met in Paris and discussed ways to support climate change commitments

Take action to keep climate goal in reach, urges Al Jaber

The UAE consensus achieved at the Cop28 summit in Dubai set a clear roadmap for keeping global temperature rise to within 1.5C. Now the world must turn the plan into action and results, said Cop28 president Sultan Al Jaber.  Al Jaber told the International Energy Agency roundtable in Paris on Tuesday that all stakeholders must […]

Bahrain investments Manama skyline

Financial services help Bahrain to record $1.7bn in investments

Bahrain attracted more than $1.7 billion in investments last year through its government-backed investment company. The financial services sector was the main driver. The figure, released by the Bahrain Economic Development Board, was 55 percent up on 2022. The investments covered 85 local and international projects, which are forecast to create 5,700 jobs in Bahrain […]