Toyota Tsusho enters Saudi solar market
Toyota Tsusho Corporation and partners will build and operate a Saudi Arabia solar power plant at Wadi Ad Dawasir.
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Saudi Arabia, Wadi Ad Dawasir: Toyota Tsusho Corporation and partners will build and operate a Saudi Arabia solar power plant at Wadi Ad Dawasir.
Japan’s Toyota Group company, Toyota Tsusho Corporation, announced that its joint venture with France’s Total Energies Renewables and a unit of Saudi-based Zahid Group, has obtained a contract from Saudi Power Procurement Company for a 119 MW solar power plant in Saudi Arabia.
The plant will cost $100 M. The project is being led by Toyota Tsusho via a joint venture with Noor Alwadi Renewable Energy Company.
The solar plant is Toyota Tsusho’s first renewable project in Saudi Arabia and will be implemented on a build, own, operate (BOO) model. Wadi Ad Dawasir, a region with year-long abundant solar resources, has been chosen as the site. Work has already begun, and it is due for commercial operations in March 2025.
According to the statement from Toyota Tsusho, this project was selected for the Financing Program for Joint Crediting Mechanism (JCM) Model Projects, an initiative of Japan’s Ministry of the Environment. Through this project, Toyota Tsusho aims to continue to contribute to the expansion of renewable energy and the transition to carbon neutral society, it added.
The purpose of the JCM Model’s 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 targets.
Source: Energy&Utilities
#decarbonization#emission reduction#solar power plant#Toyota Tsusho Corporation