EDF and TAQA Geothermal Forge Groundbreaking MoU to Boost Geothermal Energy in Saudi Arabia
In a significant development for renewable energy in the Middle East, EDF Saudi Arabia and TAQA Geothermal Energy Company have formalized a strategic Memorandum of Understanding (MoU) aimed at advancing geothermal energy technologies within the Kingdom. The agreement was signed during the third session of the PIF Private Sector Forum, held at the King Abdul Aziz International Conference Center in Riyadh.
The MoU was officially signed by Omar Aldaweesh, Managing Director of EDF Saudi Arabia, and Meshary Al-Ayed, Managing Director of TAQA Geothermal. This partnership reflects both companies' commitment to advancing innovative and carbon-free energy technologies in Saudi Arabia. The ceremony also saw participation from Gudmundur Thoroddsson, the technical director of TAQA Geothermal and chairman of its joint venture partner, Reykjavik Geothermal.
Omar Aldaweesh remarked on the importance of this partnership, stating, "This collaboration is a natural progression of EDF's long-standing engagement in Saudi Arabia's energy sector. For over a decade, we have contributed to the Kingdom’s energy landscape with our expertise in sustainable solutions, and this MoU further strengthens our role in promoting innovative technologies. Together with TAQA Geothermal, we aim to explore new frontiers in geothermal energy and compressed air storage. This initiative aligns with Saudi Vision 2030 and highlights our joint commitment to sustainability and the nation’s transition to a cleaner energy future."
On his part, Meshary Al-Ayed emphasized the critical role of geothermal energy, saying, "Harnessing geothermal energy, whether through direct heat utilization or electricity generation, is a crucial and underutilized resource that can propel the global transition to clean energy, as it represents a reliable, renewable baseload resource. The collaboration between EDF and TAQA Geothermal will redefine cooling solutions and significantly impact efficiency and CO2 footprint reduction. By merging our strengths, we will develop innovative geothermal cooling systems to meet the growing energy demands of the Kingdom, while also supporting Saudi Vision 2030’s aim for economic diversification and the Energy Ministry’s renewable energy mandates."
This collaboration sets the stage for groundbreaking geothermal energy solutions in Saudi Arabia, paving the way for cleaner and more efficient power and cooling technologies. By leveraging their combined expertise, TAQA Geothermal and EDF aim to unlock the full potential of geothermal resources and bolster the Kingdom’s leadership in renewable energy innovations.
The EDF Group is a major player in the energy transition, operating as an integrated energy supplier across all aspects of the energy business, including power generation, distribution, trading, energy retail, and services. The group is a global leader in low-carbon energy, with a low-carbon output of 434 TWh and a diverse generation mix primarily based on nuclear and renewable sources (including hydropower). Moreover, it invests in new technologies to support the energy transition. EDF aims to create a net-zero energy future through electricity and innovative solutions and services, contributing to planet rescue and fostering welfare and economic development. The company serves approximately 40.9 million customers worldwide and reported a consolidated revenue of €139.7 billion in 2023.
TAQA Geothermal is a joint venture between the majority-PIF-owned power services and drilling company TAQA and Reykjavik Geothermal, which is based in Iceland and is a leader in geothermal resources and project development. Established in 2023, this joint venture was announced in March during the Public Investment Fund Forum. TAQA Geothermal operates in regional and international geothermal consulting and project management, currently executing projects in Saudi Arabia and beyond. Their focus encompasses resource assessment consulting, planning and execution of exploration and development programs, and developing pilot projects aimed at realizing the vision of providing clean, reliable, and sustainable geothermal energy to the region.
The MoU was officially signed by Omar Aldaweesh, Managing Director of EDF Saudi Arabia, and Meshary Al-Ayed, Managing Director of TAQA Geothermal. This partnership reflects both companies' commitment to advancing innovative and carbon-free energy technologies in Saudi Arabia. The ceremony also saw participation from Gudmundur Thoroddsson, the technical director of TAQA Geothermal and chairman of its joint venture partner, Reykjavik Geothermal.
Omar Aldaweesh remarked on the importance of this partnership, stating, "This collaboration is a natural progression of EDF's long-standing engagement in Saudi Arabia's energy sector. For over a decade, we have contributed to the Kingdom’s energy landscape with our expertise in sustainable solutions, and this MoU further strengthens our role in promoting innovative technologies. Together with TAQA Geothermal, we aim to explore new frontiers in geothermal energy and compressed air storage. This initiative aligns with Saudi Vision 2030 and highlights our joint commitment to sustainability and the nation’s transition to a cleaner energy future."
On his part, Meshary Al-Ayed emphasized the critical role of geothermal energy, saying, "Harnessing geothermal energy, whether through direct heat utilization or electricity generation, is a crucial and underutilized resource that can propel the global transition to clean energy, as it represents a reliable, renewable baseload resource. The collaboration between EDF and TAQA Geothermal will redefine cooling solutions and significantly impact efficiency and CO2 footprint reduction. By merging our strengths, we will develop innovative geothermal cooling systems to meet the growing energy demands of the Kingdom, while also supporting Saudi Vision 2030’s aim for economic diversification and the Energy Ministry’s renewable energy mandates."
This collaboration sets the stage for groundbreaking geothermal energy solutions in Saudi Arabia, paving the way for cleaner and more efficient power and cooling technologies. By leveraging their combined expertise, TAQA Geothermal and EDF aim to unlock the full potential of geothermal resources and bolster the Kingdom’s leadership in renewable energy innovations.
About EDF Group
The EDF Group is a major player in the energy transition, operating as an integrated energy supplier across all aspects of the energy business, including power generation, distribution, trading, energy retail, and services. The group is a global leader in low-carbon energy, with a low-carbon output of 434 TWh and a diverse generation mix primarily based on nuclear and renewable sources (including hydropower). Moreover, it invests in new technologies to support the energy transition. EDF aims to create a net-zero energy future through electricity and innovative solutions and services, contributing to planet rescue and fostering welfare and economic development. The company serves approximately 40.9 million customers worldwide and reported a consolidated revenue of €139.7 billion in 2023.
About TAQA Geothermal Energy Company
TAQA Geothermal is a joint venture between the majority-PIF-owned power services and drilling company TAQA and Reykjavik Geothermal, which is based in Iceland and is a leader in geothermal resources and project development. Established in 2023, this joint venture was announced in March during the Public Investment Fund Forum. TAQA Geothermal operates in regional and international geothermal consulting and project management, currently executing projects in Saudi Arabia and beyond. Their focus encompasses resource assessment consulting, planning and execution of exploration and development programs, and developing pilot projects aimed at realizing the vision of providing clean, reliable, and sustainable geothermal energy to the region.
Topics Energy）
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