TAQA Geothermal
About This Project
In March 2023, Reykjavík Geothermal and TAQA Well Solutions, the Middle East’s largest oil service company, created a joint venture, forming TAQA Geothermal, the region’s first geothermal company. The Middle East is actively looking to develop their potential on a large scale and is expected to be one of the fastest-growing markets in the sector in the years to come.
TAQA Geothermal is raising large-scale capital in the Middle East to pursue and fully finance brownfield and greenfield development opportunities in Turkey, Saudi Arabia, Abu Dhabi and Egypt and has secured large geothermal consulting contracts with two of the largest oil companies, Saudi Aramco and ADNOC.
Geothermal energy opens opportunities for direct use in district cooling, but after launching the world’s first geothermal district cooling project in Abu Dhabi in 2023, significant opportunities have opened for further district cooling projects in the region that are in early-stage discussions with potential for large-scale developments.
Project Updates
TAQA and Reykjavik Geothermal sign Joint Venture Agreement to form TAQA Geothermal Energy LLC
14-March 2023, Riyadh – During the Public Investment Fund (PIF) Private Sector Forum in Riyadh today, the Industrialization and Energy Services Company (TAQA) and Reykjavik Geothermal (RG), signed a Joint Venture agreement to establish TAQA Geothermal Energy...
TAQA and Reykjavik Geothermal execute an alliance to explore geothermal opportunities in the Kingdom of Saudi Arabia
Dhahran – KSA, Reykjavík- Iceland, May 17, 2022 TAQA and Reykjavík Geothermal have executed an alliance to explore and identify opportunities for geothermal projects in the Kingdom of Saudi Arabia and possibly other regions. Industrialization and Energy Services...
