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QEWC seeks solar opportunities

State power and water company eyes projects in Qatar and the wider region.

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Doha, Qatar
Doha, Qatar

Qatar Electricity & Water Company (QEWC) is preparing to beef up its interest in solar power projects in Qatar and the wider region.

The board has approved a partnership with Qatar Petroleum to build solar power plants in Qatar, it said in its end of year earnings statement without going into further detail.

In addition, Nebras Power, which is 60% owned by QEWC, is negotiating the acquisition of stakes in several more projects in the MENA region, it added.

Nebras last year took a 35% stake in the 52MW Shams Ma’an solar power plant in Jordan.

Japan’s Mitsubishi Corp (35%) and Jordan’s Kawar (30%) are the remaining equity holders in the project which secured $129mn in financing last week.

QEWC booked net profit of QAR 1.53bn ($420mn) in 2014, an 11% hike on the previous year.

Earnings per share amounted to QAR 13.91 in 2014 compared to QR 12.58 in 2013.

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