$500 Million Renewable Energy Joint Venture Planned In Qatar
Qatar is looking to catch-up with neighboring countries in the Middle East by expanding its renewable energy infrastructure.
According to media reports, two national companies in Qatar are planning to set up a joint venture to invest in renewable energy projects. Qatar Electricity and Water Company and Qatar Petroleum are planning to join forces to set up a $500 million joint venture company with the purpose of investing in renewable energy projects.
Officials of the QEWC stated that the renewable energy resource potential available in Qatar is very encouraging. The potential to set up solar power projects is very high, and the company is expected to focus on solar power itself.
Qatar has already announced plans to set up 1,800 MW solar power capacity by 2020 which is expected to contribute up to 16% of the total power generation. The country has expressed intention to hold auctions for solar power projects on multiple occasions, however, these intentions have not yielded any substantial results so far.
Under a long-term program, Qatar plans to set up 10 GW of solar power capacity by 2030. Interestingly, however, these targets – or any other renewable energy targets, for that matter – are not listed under Qatar’s commitment to the United Nations through the Intended Nationally Determined Contribution (INDC).
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Qatar may have been hoping, along with Saudi Arabia, that the Paris climate conference would fail or not agree on anything significant. If so, they were wrong. It would make sense for Qatar to up its NDC before signing.