Drake & Scull in geothermal deal with Aussie firm
UAE unit inks MOU to explore geothermal opportunities in MENA
Drake and Scull Water and Power has signed a memorandum of understanding with Australian-based firm Earth and Heat Resourced Ltd to jointly explore, bid for and secure geothermal project opportunities in the Middle East and Africa.
The agreement comes after the company’s announcement of its intention to tap into the African and Asian markets of Djibouti and Vietnam.
Tawfiq Abu Soud, executive director of DSWP, said: “There is substantial demand and groeth in the new energy space in the region, and our association with Earth Heat will allow us to explore and identify viable geothermal project opportunities in the MENA region, especially with government endorsement of such developments through tax incentives, grants and carbon credits.”
Commenting on the agreement, Torey Marshall, managing director of Earth Heat said: "We see many synergies between the two companies moving forward and believe that together, we will not only be able to identify and acquire geothermal projects of interest, but also work successfully in advancing these projects into development and production stages."