QatarEnergy signs agreement to fully acquire Siraj Energy

QatarEnergy has signed a share sale and purchase agreement with Qatar Electricity and Water Company (QEWC) to acquire QEWC’s 49 per cent interest in Siraj Energy.

As a result of the agreement, Siraj Energy will become a wholly owned affiliate of QatarEnergy, subject to customary approvals.

QatarEnergy to become 100% owner of Siraj Energy#QatarEnergy #YourEnergyTransitionPartner⁣⁣ #Qatar pic.twitter.com/zGq4tr8MVg

— QatarEnergy (@qatarenergy) October 13, 2022

Upon closing of the acquisition, Siraj Energy is expected to be absorbed within QatarEnergy Renewable Solutions, the company’s investment arm specialising in renewable and sustainable energy investments and projects, a statement said.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, president and CEO of QatarEnergy, said: “This acquisition marks the transition of Siraj Energy to being a wholly owned affiliate of QatarEnergy, and 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 five gigawatts of solar power by 2035.”

“This acquisition brings the total solar power capacity within QatarEnergy’s direct control to 1,675 megawatts (MW) and brings all utility scale solar power generation projects in Qatar under QatarEnergy’s direct control.”

Siraj Energy was established in 2017 with the purpose of financing, building, operating, and maintaining solar power facilities, and selling electricity generated from solar power, within Qatar. It has a 60 per cent interest in Siraj (1), which owns and will operate Al-Kharsaa Solar Photovoltaic (PV) independent power project, Qatar’s largest PV project with total installed capacity of 800MW.

In August, QatarEnergy awarded the engineering, procurement and construction contract for its industrial cities solar power project (IC Solar) to South Korea’s Samsung C&T.

Read: QatarEnergy awards contract for 875MW solar power plants