TAQA GEOTHERMAL

Geothermal energy sources are abundant in the Kingdom of Saudi Arabia, particularly in the Western region along the Red Sea coast, where the volcanic fields and hot springs are located. The Kingdom’s Geothermal potential has been assessed via academic investigations over the previous decades but has not been furthered to perform resource assessments of the potential of this key renewable resource. With the understanding of the importance of renewable energy as it develops the national energy mix, allows diversification from traditional fossil fuels, and helps to meet climate change mandates and Saudi Green Initiative objectives, TAQA has established a focus on Geothermal Energy development both locally and regionally. In 2020, TAQA established the Geothermal Center of Excellence in Turkey and amassed an abundance of knowhow, expertise and stake holder alignment in the Kingdom revolving around Geothermal resource development, leveraging its collaboration with local geothermal stakeholders. An early partnership and strategic alliance with leading Icelandic geothermal resource developer Reykjavik Geothermal was done in 2021, and has culminated into the successful creation of the joint venture Saudi based company TAQA Geothermal launched in March 2023. Taqa Geothermal Energy is headquartered in the Kingdom of Saudi Arabia and is a joint venture partnership between the Industrialization and Energy Services Company – TAQA (60% ownership) and Iceland based Reykjavik Geothermal (40%). The scope of this new and first of its kind geothermal development company in the region is to: • Resource assessment consultancy. • Pilot projects development. • Exploration and Development programs execution. • Geothermal Resource development projects up to power generation delivery.