The project, located in Saudi Arabia’s Wadi Ad Dawasir, will be undertaken by the joint venture company Noor Alwadi Renewable Energy Company
Toyota Tsusho Corporation, in collaboration with TotalEnergies Renewables and Zahid Group, has successfully secured a contract from Saudi Power Procurement Company for the construction of a 119MW solar power plant in Saudi Arabia.
The project, valued at $100 million, will be undertaken by the joint venture company Noor Alwadi Renewable Energy Company. Toyota Tsusho and TotalEnergies Renewables each hold a 40% stake in the venture, while Altaaqa Renewable Energy possesses the remaining 20%. This solar plant marks Toyota Tsusho’s inaugural renewable energy project in Saudi Arabia and will operate under a build, own, operate model.
The upcoming 119MW solar power plant, situated in the sun-rich region of Wadi Ad Dawasir, is currently underway and selected for Japan’s Ministry of the Environment’s Financing Programme for Joint Crediting Mechanism (JCM) Model Projects in FY2022. Commercial operations for the plant are anticipated to commence in March 2025.
Toyota Tsusho remains committed to its mission of promoting renewable energy and facilitating the transition to a carbon-neutral society through this project. The implementation of these model projects aims to provide financial support for initiatives in developing countries that utilize cutting-edge decarbonization technologies to reduce greenhouse gas (GHG) emissions. In doing so, Japan aims to achieve its own GHG emission reduction targets while supporting partner countries in their emission reduction efforts.