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TotalEnergies + OQAE sign 300 MW renewables agreements: Oman’s OQ’s green energy investment arm OQ Alternative Energy (OQAE) inked an agreement with TotalEnergies to develop 300 MW of renewable energy in Oman via three projects, according to a press release (pdf). Petroleum Development Oman (PDO) signed long-term Power Purchase Agreements to offtake the power produced by the projects.
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About the projects: The two sides will develop a 100 MW solar project dubbed North Solar in Said Nihaydah and two 100 MW wind projects, dubbed Riyah 1 and Riyah 2, in Amin and West Nimr fields, the statement notes. Construction will begin in early 2025 with operations slated for late 2026. The projects will generate a total of 1.4 TWh of renewable electricity annually.
Who owns what? Total will own a 49% stake in the project and OQAE will hold the remaining stakes, according to the statement
REMEMBER- PDO issued the requests for proposals (RFPs) for the wind projects last year and was evaluating the technical and commercial bids in July. PDO is also developing North Solar.
OQ has big renewables plans: OQ Group plans to develop over 5 GW of renewable energy projects by the end of the decade. The first phase will target nearly 400 MW capacity and will reach a Final Investment Decision by the end of the year. OQAE aims to diversify its portfolio through introducing projects in energy efficiency, clean energy, and low carbon molecules.
OQAE made significant strides in the green sector last year: OQAE’s key achievements inked green hydrogen and ammonia export agreements with Oman’s Hydrom including Hyport Duqm, Green Energy Oman (GEO), and SalalaH2, securing renewable energy concession plots along the way. The Hyport Duqm facility will be built in partnership with Denmark’s DEME Concessions in efforts to produce some 1 mn tons of green ammonia, while the Green Energy Oman’s project will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables. The projects are expected to begin operations by the beginning of the next decade.
