EDF, TAQA collaborate to advance geothermal energy in Saudi Arabia
EDF Saudi Arabia and TAQA Geothermal Energy Company have signed a strategic Memorandum of Understanding (MoU) to collaborate on geothermal energy technologies including power generation and HVAC applications as well as Compressed Air Energy Storage in Saudi Arabia. The agreement was formalized during the third edition of the PIF Private Sector Forum, held at the King Abdul Aziz International Conference Center in Riyadh, Saudi Arabia.
The MoU was signed by Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal Energy Company, reinforcing the commitment of both companies to advancing innovative and decarbonized energy technologies in the Kingdom.
The signing ceremony was attended by Gudmundur Thoroddsson, Chief Technology Officer of TAQA Geothermal and Chairman of Reykjavik Geothermal, the joint venture partner.
"This partnership is a natural progression of EDF's longstanding commitment to Saudi Arabia's energy sector,” commented Omar Aldaweesh, CEO of EDF Saudi Arabia. “Over the past decade, we have been actively contributing to the Kingdom's energy landscape through our expertise in sustainable solutions, and this MoU further strengthens our role in advancing innovative technologies. By collaborating with TAQA Geothermal, we are leveraging our extensive experience to explore new frontiers in geothermal energies and compressed air energy storage."
"Geothermal energy utilization 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 base load resource,” added Meshary Alayed, CEO of TAQA Geothermal. “The partnership between EDF and TAQA Geothermal in the field of geothermal solutions redefining space cooling, will have tremendous positive impacts on efficiency and carbon footprint reduction. The combined strengths will demonstrate cutting-edge geothermal cooling systems for the Kingdom's growing energy needs while supporting Saudi Arabia's Vision 2030 in economic diversification and the Ministry of Energy's renewable energy mandates."
