QatarEnergy, a state-owned petroleum company of Qatar, announced the signing of a share sale and purchase agreement with Qatar Electricity and Water Company (QEWC) to acquire QEWC’s 49% interest in Siraj Energy, resulting in Siraj becoming a wholly owned affiliate of QatarEnergy.
The financial terms of the acquisition were not disclosed.
“This acquisition marks the transition of Siraj Energy to being a wholly-owned affiliate of QatarEnergy and is an important step for QatarEnergy in consolidating its position in the renewables business and in delivering its Sustainability Strategy mid-term target of generating 5 GW of solar power by 2035. This acquisition brings the total solar power capacity within QatarEnergy’s direct control to 1,675 MW and brings all utility-scale solar power generation projects in Qatar under QatarEnergy’s direct control,” commented Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy.
Siraj Energy was established in 2017 to finance, build, operate, and maintain solar power facilities and sell electricity generated from solar power in Qatar. Siraj Energy has a 60% interest in Siraj (1) which owns and will operate the Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with a total installed capacity of 800 MW.
Upon closing this acquisition, it is expected that Siraj Energy will be absorbed within QatarEnergy Renewable Solutions, QatarEnergy’s investment arm specializing in renewable and sustainable energy investments and projects.
Earlier this week, Global Infrastructure Partners, an investment firm, acquired Atlas Renewable Energy, a solar project developer, from Actis, a private equity firm. Atlas is the second largest independent renewables developer in Latin America, with 14 fully contracted solar assets producing 2.3 GW of installed capacity across Brazil, Chile, Mexico, and Uruguay.
According to Mercom’s recently published 9M and Q3 Solar Funding and M&A Report, in 9M 2022, There were 90 solar M&A transactions compared to 83 transactions in 9M 2021.