EDF and TAQA Sign Landmark Geothermal Energy MoU in Saudi Arabia

Deal News | Feb 13, 2025 | Zawya

EDF and TAQA Sign Landmark Geothermal Energy MoU in Saudi Arabia

In a major step towards sustainable energy solutions, EDF Saudi Arabia and TAQA Geothermal Energy Company have signed a Memorandum of Understanding (MoU) to collaborate on advancing geothermal energy technology in Saudi Arabia. Formalized during the PIF Private Sector Forum in Riyadh, the agreement was signed by Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal Energy Company. The partnership aims to leverage EDF's extensive experience in sustainable energy and TAQA's expertise in geothermal technologies to explore innovative solutions that support Saudi Arabia's Vision 2030 and EDF's Ambitions 2035, reinforcing a mutual commitment to sustainability. The collaboration promises to unlock new potentials in geothermal energy, particularly in power generation, HVAC applications, and compressed air energy storage, marking significant progress in the Kingdom’s renewable energy landscape.

Sectors

  • Renewable Energy
  • Energy Storage

Geography

  • Saudi Arabia – The collaboration is taking place in Saudi Arabia, focusing on advancing the country's geothermal energy capabilities.

Industry

  • Renewable Energy – The article focuses on the development of geothermal energy technologies, which are a part of the renewable energy sector.
  • Energy Storage – The MoU includes exploring Compressed Air Energy Storage, relevant to advancements in energy storage technologies.

Financials

    Participants

    NameRoleTypeDescription
    EDF Saudi ArabiaBidding Company / PartnerCompanyA key player in sustainable energy solutions and part of the EDF Group, involved in power generation and innovative renewable technologies.
    TAQA Geothermal Energy CompanyBidding Company / PartnerCompanyA joint venture specializing in geothermal energy technologies and consultancy, established to promote clean energy solutions in Saudi Arabia and beyond.
    Gudmundur ThoroddssonChairman, Reykjavik GeothermalPersonCTO of TAQA Geothermal and representative of Reykjavik Geothermal, contributing to the MoU as a technical advisor.