#Saudi Arabia #Riyadh #EDF #TAQA #Geothermal

Strategic Partnership for Geothermal Energy Development in Saudi Arabia

In a significant move towards sustainable energy solutions, EDF Saudi Arabia has teamed up with TAQA Geothermal Energy Company to enhance geothermal energy technologies in the Kingdom. This collaboration was formalized through a strategic memorandum of understanding (MoU), signed during the Private Sector Forum of the Public Investment Fund (PIF) in Riyadh.

The signing ceremony featured prominent figures from both companies, including Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal. This partnership underscores their shared commitment to advancing innovative and low-carbon energy technologies critical for Saudi Arabia's energy transition.

Omar Aldaweesh remarked, “This partnership is a natural evolution of EDF's long-standing commitment to the Saudi energy sector. Over the last decade, we have actively contributed to the Kingdom's energy landscape through our expertise in sustainable solutions. This MoU further consolidates our role in fostering innovative technologies.” He emphasized the importance of exploring new frontiers in geothermal energy production and compressed air energy storage. This initiative aligns seamlessly with Saudi Arabia's Vision 2030 and EDF's Ambitions 2035, highlighting their joint dedication to sustainability and the country's transition to a cleaner energy future.

Meanwhile, Meshary Al-Ayed added, “The utilization of geothermal energy, whether for direct heat use or electricity production, represents a key yet underexplored resource for facilitating the global transition to clean energy. Our partnership will demonstrate advanced geothermal cooling systems, supporting the Kingdom's growing energy needs while reducing carbon footprints.”

The collaboration aims to lay the groundwork for pioneering geothermal energy solutions in Saudi Arabia, ushering in cleaner and more efficient power generation and cooling technologies. By leveraging their combined expertise, TAQA Geothermal and EDF aspire to fully unlock the potential of geothermal resources, reinforcing Saudi Arabia’s position as a leader in renewable energy innovation.

About EDF Group

The EDF Group plays a fundamental role in the energy transition as an integrated energy operator engaged in all facets of the energy industry, including electricity generation, distribution, and trading. Renowned globally for its low-carbon energy initiatives, EDF produced 434 TWh of low-carbon energy in 2023, primarily relying on nuclear and renewable sources. The group is also investing in new technologies to spearhead further energy transition efforts and is committed to establishing a “net zero” energy future with innovative electrical solutions.

With approximately 40.9 million customers worldwide and a consolidated revenue of €139.7 billion in 2023, EDF is poised to continue playing a critical role in the global energy landscape. For more information, please visit ksa.edf.com.

About TAQA Geothermal Energy Company

TAQA Geothermal is a joint venture formed between TAQA, an energy services and well engineering company, and Reykjavik Geothermal, an Icelandic leader in geothermal resources. Established in 2023, TAQA Geothermal specializes in geothermal project consultancy and management, with ongoing initiatives both in Saudi Arabia and internationally. Their expertise spans resource evaluation, design, and execution of exploration and development programs, embodying the company’s vision to deliver clean, reliable, and sustainable geothermal energy to the region. For further details, visit TAQA Geothermal's website.

The collaboration between EDF and TAQA Geothermal is poised to redefine the energy landscape in Saudi Arabia, paving the way for innovative renewable energy technologies that support the nation’s ambitious goals.