TotalEnergies has inked an agreement with OQ Alternative Energy (OQAE) to develop 300 MW renewable energy projects in Oman. The generated electricity will be supplied to Petroleum Development Oman (PDO) through long-term power purchase agreements (PPA). The share split between TotalEnergies and OQAE for these projects will be 49 per cent and 51 per cent respectively.
Furthermore, this partnership will work towards the development of three projects: North Solar, a 100 MW solar facility in Saih Nihaydah in northern Oman, and Riyah-1 and Riyah-2, two 100 MW wind farms located in Amin and West Nimr fields in southern Oman. These projects will collectively generate over 1.4 TWh of renewable electricity annually. The construction for these projects is set to begin in early 2025, with electricity generation expected to start in late 2026.
Earlier this month, TotalEnergies along with Aljomaih Energy & Water Company (AEW) was awarded a 300 MW Rabigh 2 solar project, under Saudi Arabia’s National Renewable Energy Program (NREP) Round 5. The consortium of these two companies signed a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC).
REGlobal’s Views: The middle-eastern renewable energy market is expanding rapidly as countries aim to diversify their energy mix away from fossil fuels. The region continues to attract large investments from deep-pocketed energy majors from across the globe. As the middle-east becomes a new hotspot for renewable energy project development with massive untapped potential, TotalEnergies has been significantly expanding its presence here through participating in auctions and also collaborations.
