Qatar to set up $500m renewables joint venture

Qatar will set up a new $500 million joint venture to expand its clean energy infrastructure in a bid to increase the share of renewables in the country’s energy mix.

Qatar Electricity and Water Company and Qatar Petroleum will join forces to set up the joint venture company with the purpose of investing in renewable energy projects, according to media reports.

Officials of the Qatar Electricity and Water Company said that the renewable energy resources available in Qatar are significant and the new company is expected to focus on solar power.

The Gulf nation has already announced plans to install 1,800 MW of solar power capacity by 2020 which is expected to contribute about 16 per cent of the country’s total power generation.

Qatar is also aiming to hold auctions for solar power projects and plans to set up 10 GW of solar power capacity by 2030.