New $500mn JV firm for renewable energy projects

(MENAFN- Gulf Times) Work is under way to establish a $500mn joint venture company to explore the possibility of building viable and feasible renewable energy projects to meet Qatar's growing needs.
The company, in which Qatar Electricity and Water Company (QEWC) has 60% stake and Qatar petroleum (QP) 40%, is expected to come into being in mid-2016, QEWC managing director and general manager Fahd bin Hamad al-Mohannadi said yesterday.
He was replying to a query from Gulf Times on QEWC's business plans for the coming years, at a meeting where an announcement on Nebras Power Company's acquisition of QEWC's stakes in two power companies in Oman was made.
Al-Mohannadi said studies carried out in recent years had found enormous potential for renewable energy projects in Qatar, notably solar plants and some of the potential locations have already been identified for development.
Earlier this month, an agreement was formally signed between QP and QEWC for setting up a joint venture for establishing renewable energy projects in the country.
QP president and chief executive Saad Sherida al-Kaabi and al-Mohannadi were the signatories to the agreement signed in the presence of HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani.
Nebras Power Company, set up in December 2014, is a joint stock firm where the maximum shares are held by QEWC (60%) and the remaining are with the Qatar Petroleum International Limited.