Toyota Tsusho Corporation, a Japanese group, has revealed that it, along with French energy company TotalEnergies Renewables and a unit of Saudi-based Zahid Group, has secured a contract from Saudi Power Procurement Company for a 119MW solar power plant in Saudi Arabia.
The project, which is valued at USD 100 mln, is being undertaken by a joint venture called Noor Alwadi Renewable Energy Company, with Toyota Tsusho and TotalEnergies Renewables each owning a 40pct stake, while Altaaqa Renewable Energy holds the remaining 20pct.
This solar plant, the first renewable energy endeavor in Saudi Arabia for Toyota Tsusho, will be developed under a build, own, operate model.
It will be situated in Wadi Ad Dawasir, Najd. Construction work has already commenced, and the plant is expected to start commercial operations in March 2025.
