Global Japanese group, Toyota Tsusho Corporation boasts its first endeavor in the Middle East through its $100 Million Solar Plant In Saudi Arabia. Alongside Toyota, the plant’s development team comprises Saudi-based, Zahid Group and French energy major, Total Energies. An official statement further noted that the Saudi Power Procurement Company awarded the project’s contract to the Toyota JV.
Construction works on the development have begun with commercial operations scheduled to begin in March 2025. As a whole, the multi million facility will feature a 199MW solar power plant within Wadi Ad Dawasir, of which boasts an abundance of solar resources.
The $100 Million Solar Plant’s implementation will be on a build, own, and operate model. Thus, the facility will be set up by Toyota via a joint venture company, Noor Alwadi Renewable Energy Company. Both TotalEnergies Renewables and the Japanese Group have a 40% stake, while the rest have a 20% stake.
Toyota’s $100 Million Solar Plant In Saudi Arabia Forms Part Of The National Renewable Energy Program
By 2030, the Program targets to develop 70% of the renewable energy target capacity in Saudi Arabia. Overall, Saudi Arabia strives to have 50% renewable energy. As a result, key energy developments such as the multimillion solar plant are said to significantly contribute towards achieving sustainability. In turn, the $100 Million Solar Plant In Saudi Arabia will further highlight the Japanese Group’s commitment to promoting renewable energy. Moreover, an official statement noted that it aims to facilitate the much needed transition into a carbon-neutral society.
In the 2022 financial year, the solar development project got selected in a Financing program for Joint Crediting Mechanism (JCM) Model Project. The project further forms part of the National Renewable Energy Program, under supervision by the Ministry of Energy.
Taking it a step further, the country also revealed plans to achieve net zero by 2060. As a result, Saudi Arabia unveiled that over 60 projects will be undertaken under the Saudi Green Initiative.