RIYADH, Saudi Arabia, Feb. 13, 2025 /PRNewswire/ -- 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 decarbonised 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.
Commenting on the MoU, Omar Aldaweesh, CEO of EDF Saudi Arabia, said:
"This partnership is a natural progression of EDF's longstanding commitment to Saudi Arabia's energy sector. 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. This initiative is fully aligned with both Saudi Arabia's Vision 2030 and EDF's Ambitions 2035, reinforcing our shared commitment to sustainability and to the country's transition to a cleaner energy future."
Meshary Alayed, CEO of TAQA Geothermal, added:
"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. 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."
This collaboration sets the stage for pioneering 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, reinforcing the Kingdom's leadership in renewable energy innovation.
About the EDF Group
The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with a low carbon output of 434TWh, a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF's raison d'être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 40.9 million customers (1) and generated consolidated sales of €139.7 billion in 2023.
(1) Customers are counted per delivery site. A customer may have two delivery points.
For more information: ksa.edf.com
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About TAQA Geothermal Energy Company
TAQA Geothermal is a joint venture between the PIF majority owned upstream Energy services and well engineering company TAQA and Reykjavik Geothermal, headquartered in Iceland and a leader in the field of geothermal resources and project development. The joint venture was established in 2023 and announced during the Public Investment Fund forum in March 2023. TAQA Geothermal is active in the regional and international geothermal consultancy and project management fields with ongoing projects in Saudi Arabia and internationally. Resource assessment consultancy, designing and executing exploration and development programs and pilot project developments are all aligned to deliver on it's the vision of enabling clean, reliable and sustainable Geothermal Energy to the region.
For more information: https://www.tq.com/what-we-do/taqa-ventures/subsidiaries/taqa-geothermal/
Follow us on LinkedIn: https://www.linkedin.com/company/taqa-geothermal/?viewAsMember=true
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