Toyota Enters PV! To Put 119MW Power Plant in Saudi Arabia
Jul 17, 2023
Japan's Toyota Tsusho Corporation has announced that its joint venture with French energy giant TotalEnergies Renewables and a company in the Saudi Zahid Group has secured a contract from Saudi Power Procurement Company for the construction of a 119MW solar power plant in Saudi Arabia.
The $100 million project was set up by Toyota Tsusho through the joint venture Noor Alwadi Renewable Energy Company, in which the Japanese group and TotalEnergies Renewables each have a 40 per cent stake, with Altaaqa Renewable Energy taking the remaining 20 per cent.
The solar power plant is Toyota Tsusho's first renewable energy project in Saudi Arabia and will be implemented using a "build, hold and operate" model.
The project is located in Wadi Ad Dawasir, an area with abundant year-round solar resources. Work on the power plant has already started and it is expected to be commercially operational by March 2025.
According to Toyota Tsusho, the project has been selected for the Joint Credit Mechanism (JCM) Demonstration Project Financing Programme for FY2022 by the Ministry of the Environment of Japan.
Through this project, Toyota Tsusho will continue to contribute to the expansion of renewable energy and the transition to a carbon-neutral society.
This demonstration project aims to provide financial support for emission reduction projects in developing countries utilising leading decarbonisation technologies. In return, Toyota Tsusho will receive JCM credits to achieve Japan's greenhouse gas emission reduction targets and those of partner countries.
