- Machinery, Energy & Project
2023-06-28
Toyota Tsusho Corporation (“Toyota Tsusho”) announced today that Toyota Tsusho, with the partners, will construct, own and operate a solar power plant with a power generation capacity of 119MW in the Kingdom of Saudi Arabia (“Saudi Arabia”) as an independent power producer (IPP) for the sale of the electricity. This is the first renewable project in Saudi Arabia for Toyota Tsusho group.
１．Background
Toyota Tsusho group has developed the goal to achieve carbon neutrality by 2050 as our initiatives to address key sustainability issues (Materiality), and we are actively promoting expansion of renewable energy all over the world. Energy demand of Saudi Arabia is expected to grow stably, and the Saudi Arabia government is aggressively promoting renewable energy where the solar energy is expected to be one of the primary resources.
２．Project Overview
This project will be implemented by three companies, Toyota Tsusho, TotalEnergies Renewables (France) and Altaaqa Renewable Energy (a Zahid Group company) (Saudi Arabia) through a joint venture company, Noor Alwadi Renewable Energy Company.
The solar plant will be located in Wadi Ad Dawasir with abundant solar resources throughout the year. The construction of the plant has started in June 2023, followed by the launch of commercial operation in March 2025. This project is selected for Financing Programme for Joint Crediting Mechanism (JCM) Model Projects in FY2022.*.
Toyota Tsusho will continue to contribute to the expansion of renewable energy and the transition to carbon neutral society.
* Ministry of the Environment, Japan has been implementing the “JCM Model Projects”. The purpose of this model projects is to financially support the implementation of projects which reduce GHG emissions by utilizing leading decarbonizing technologies in developing countries, and in return, to acquire JCM credits for achievement of Japan’s GHG emission reduction and the partner countries’ emission reduction target.
Project Site
Project Summary
|
Project Company |
Noor Alwadi Renewable Energy Company |
|---|---|
|
Location |
Wadi Ad Dawasir, Kingdom of Saudi Arabia |
|
Business |
Solar power generation and sale of the electricity |
|
Share |
Toyota Tsusho 40% |
|
Plant Capacity |
119MW |
|
Offtaker |
Saudi Power Procurement Company |
| Project Cost | Approx. 100 million USD |
| Lenders |
Riyad Bank (Saudi Arabia) |
| Commercial Operation | March 2025 |
The information in this release is current as of the date of announcement.
Please note that information may change after the date of announcement. Thank you in advance for your understanding.