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Total, SunPower eye Qatar solar prospects

The company would study seriously the possibility of establishing a joint venture between its subsidiary SunPower Corp and the new energy company that QP and QEWC have announced

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French energy major Total SA (EPA:FP) will consider the possibility of joining the ambitious solar capacity plans of Qatar Petroleum (QP) and Qatar Electricity and Water Company (QEWC).

Total’s chairman and CEO Patrick Pouyanne told local press this week that the company would study seriously the possibility of establishing a joint venture between its subsidiary SunPower Corp (NASDAQ:SPWR) and the new energy company that QP and QEWC have announced. Further details were not disclosed.

Total already has a solar business in Abu Dhabi and is willing to expand its reach to Qatar, Pouyanne added.

At the start of the year, Qatar Petroleum and QEWC unveiled plans to set up a USD-500-million (EUR 433.7m) solar energy joint venture and build roughly 1 GW of solar capacity. QEWC’s general manager told Reuters in February that the partners would hold tenders to give foreign companies the chance to back 40% of each solar project they will be developing.

SunPower makes solar photovoltaic (PV) cells and panels and also develops projects globally. For the full 2016 it expects to deploy 1.7 GW to 2 GW. Total, which holds a majority stake in the US-based company, has committed to invest USD 500 million in renewables annually.

 

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