Skip to content Skip to Search
Skip navigation

Saudi Arabia’s Taqa and EDF partner on geothermal energy

By Neil Halligan
Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal Energy Company, signed a memorandum of understanding Supplied: Taqa/EDF
Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of Taqa Geothermal Energy Company, signed a memorandum of understanding
  • Deal with French utility company
  • Exploration of Arabian Shield
  • Plan to develop heating options

A unit of Saudi-based Taqa group and French state-owned electric utility company EDF have signed an agreement to collaborate on developing geothermal energy projects in the kingdom.

Under the agreement Taqa Geothermal Energy and EDF will use their combined expertise to develop HVAC (heating, ventilation and air conditioning) and compressed air energy storage solutions in Saudi Arabia.

“Geothermal energy utilisation, whether via direct heat use or electricity generation, is a critical and untapped resource to drive the global transition to clean energy, as it is a reliable, renewable baseload resource,“ said Meshary Al-Ayed, CEO of Taqa Geothermal Energy.

Formed in 2023, Taqa Geothermal Energy is a joint venture with Iceland’s Reykjavik Geothermal to explore and develop geothermal resources in Saudi Arabia and the wider Mena region.

Geothermal energy reservoirs in the Arabian Shield area – an exposure of Precambrian crystalline rocks on the flanks of the Red Sea – are thought to span 580,000sq km.

Geothermal energy harnesses the heat generated within the earth’s core to provide a constant energy source, unlike solar or wind which are intermittent.

The International Energy Agency suggests that with continued technology improvements and cost reductions, geothermal energy could meet up to 15 percent of global electricity demand growth by 2050.

Saudi Arabia’s Public Investment Fund owns 54 percent of Taqa group. 

Latest articles

Farmers in Turkey have reduced their expected citrus output following a bitter cold snap

‘Unprecedented’ cold weather hammers Turkey’s citrus crops

Sharp frosts in important agricultural districts in Turkey’s south have wrought havoc on citrus production, with some regions reporting losses of up to 80 percent. Long-term damage to plantations is adding to the problems of an industry already struggling with climate change. Temperatures fell well below zero over a series of nights in the normally […]

European Camping Group operates 450 holiday sites in 11 countries

Abu Dhabi’s Adia buys stake in European Camping Group

The UAE’s sovereign fund Abu Dhabi Investment Authority (Adia) has agreed to buy a significant minority stake in European Camping Group (ECG), a key player in the European outdoor hospitality sector, from private equity company PAI Partners.  The deal, expected to close in the second quarter of this year, is subject to regulatory approvals, ECG […]

Cerebras G42

Cerebras IPO still in limbo over US fears on Abu Dhabi stake

Worries in the United States over a stake by an Abu Dhabi company in Cerebras Systems, the US chipmaker, are continuing to leave its IPO in limbo, five sources familiar with the matter said. The sticking point for California-based Cerebras is the review by the Committee on Foreign Investment in the United States (CFIUS) of […]

2JC8E4F A panoramic view of the Kuwait City Skyline

Kuwait endorses 2025-26 budget with bigger deficit

Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […]

Mortgage brokers reported an increase in purchases of UK real estate in recent months ahead of changes to the stamp duty land tax from April 1

UAE dominates UK overseas mortgage market 

Property buyers from the Middle East – particularly the UAE – are among the top international clients for UK mortgage brokers, according to new research. About 30 percent of 300 brokers surveyed by investment company Raw Capital Partners said they had arranged mortgages for clients from the Middle East and UAE over the past five […]

Office space occupancy in Bahrain has remained at around 85 percent, below those of its GCC peers

Bahrain struggles to fill existing office space as supply grows

Bahrain is facing difficulty in filling its available office space even as the kingdom prepares for more supply. Demand for the space is “weak”, with limited interest from existing businesses and new entrants, commercial real estate services and investment provider CBRE said in a report. The Gulf state, the smallest by population in the six-member […]

Crowd, Person, People

Aramco looks at China’s potential growth sectors

Saudi Aramco is exploring new opportunities in China’s energy, chemicals and technology sectors, president and CEO Amin Nasser has said. China occupies a key position in Aramco’s global strategy, he told the China Development Forum in Beijing on Monday. The Saudi-listed company is supporting China’s energy and chemical feedstock security by investing in multiple downstream projects, Nasser […]

IFC and Egyptian government officials sign the advisory agreement to introduce PPP schemes at 11 Egyptian airports

Egypt partners with IFC for airport privatisation

Egypt’s civil aviation ministry has partnered with the International Finance Corporation (IFC) to introduce public private partnerships (PPP) at 11 airports, in a bit to improve infrastructure, connectivity and passenger services. As a pilot project, the IFC, a member of the World Bank, will act as the lead PPP transaction adviser for Hurghada International Airport, […]

The new gas compression facilities are to help increase production from Qatar's offshore North Field gas reserve

QatarEnergy selects India’s L&T for gas project

A subsidiary of state-owned QatarEnergy has reportedly awarded an engineering, procurement, construction and installation (EPCI) contract to India’s Larsen & Toubro for the second phase of the North Field Production Sustainability (NFPS) project. Larsen & Toubro Energy Hydrocarbon received a letter of intent from QatarEnergy LNG for the work, which has an estimated value of $4 […]

Taqa chairman Mohamed Hassan Alsuwaidi recently met with Spain's Criteria to discuss a potential Naturgy stake purchase deal

Taqa in talks to buy stake in Spanish utility Naturgy

Abu Dhabi National Energy Company (Taqa) is reportedly in talks with Spanish private equity group CriteriaCaixa to acquire a stake in Naturgy Energy Group. Taqa chairman Mohamed Hassan Alsuwaidi recently met with an unnamed Criteria executive to discuss a potential deal, Bloomberg reported. Criteria, which holds 26.7 percent of €24 billion ($26 billion) Naturgy, has […]

An Opec+ ministerial committee, with the power to recommend to the larger group changes in production policy, is scheduled to meet on April 5

Opec+ on track for May production rise

Opec+ will probably stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction. Opec+, a group that includes Opec and allied producers led by Russia, and which pumps over 40 […]

The Umm Al Qura IPO is the biggest this year in Saudi Arabia and one of three that has raised a combined $1bn

Umm Al Qura shares soar as more Saudi IPOs approved

Shares in Saudi Arabia’s Umm Al Qura for Development and Construction surged 30 percent on Monday, the maximum allowed on a first day of trading. The Capital Markets Authority (CMA) also approved another three companies for initial public offerings. Within minutes of the opening of the Saudi Exchange, after Umm Al Qura raised SAR1.96 billion […]