RELEASE: TAQA and Reykjavik Geothermal Sign Joint Venture Agreement to Incorporate TAQA Geothermal Energy LLC

(Information sent by the signatory company).

RELEASE: TAQA and Reykjavik Geothermal Sign Joint Venture Agreement to Incorporate TAQA Geothermal Energy LLC

(Information sent by the signatory company)

RIYADH, Saudi Arabia, March 15, 2023 /PRNewswire/ -- During the Public Investment Fund (PIF) Private Sector Forum held today in Riyadh, Industrialization and Energy Services Company (TAQA) and Reykjavik Geothermal (RG), signed a joint venture to establish TAQA Geothermal Energy LLC, headquartered in Riyadh, Saudi Arabia.

TAQA Geothermal will explore and develop geothermal resources in Saudi Arabia and the MENA region, contributing to the decarbonization goals of the Saudi Arabia and Middle East Green Initiatives. The new joint venture is fully in line with the Kingdom's efforts to reduce carbon emissions towards achieving net zero, while diversifying the Kingdom's energy matrix, in line with Vision 2030.

Commenting on this news, Khalid Nouh, CEO of the TAQA Group, said:

"We started our transition journey towards a sustainable future at the beginning of 2021, when we created the TAQA Geothermal Center of Excellence (TG-CoE) in Turkey, with the aim of sharing the knowledge and experience of Geothermal Development with other stakeholders in the Kingdom.Over the last two years, TG-CoE has collaborated closely with universities, research institutes, K A-CARE and SGS under the guidance of the Ministry of Energy.The result of these collaborative efforts is promising potential of geothermal resources in the Kingdom, and the time has come to take bold steps to further explore this resource and realize its full potential.

Today I am pleased to announce that TAQA is partnering with a world-class, well-established leader in geothermal resource development (Reykjavik Geothermal (RG)). Together we are creating TAQA Geothermal Energy LLC, based in Riyadh, Saudi Arabia, with a mandate to explore and develop the equivalent of 1 GW of geothermal energy from the Kingdom's resources and contribute to the achievement of the decarbonization goals of Saudi Arabia and the Middle East Green Initiatives."

Godmundur Thoroddsson, Chairman of the Board of Directors of RG, said: "The RG team has long believed in the geothermal potential of the Kingdom, we started exploring the local resources in 2009. This clean, stable and cheap source of energy has a "Enormous potential. Beyond more than 1 GW of high-enthalpy electricity generation, our new joint venture aims to develop large-scale, direct-use geothermal desalination and cooling projects using the Kingdom's abundant low- and medium-enthalpy resources."

About TAQAFounded in Saudi Arabia in 2003 and 54% owned by the Saudi Arabian Public Investment Fund, TAQA innovates, develops and deploys technologies, products and solutions for the energy industry, enabling performance for its clients. With more than 5,500 employees in 20 countries, TAQA has an integrated portfolio of well solutions powered by Global Product and Technology Centers of Excellence.

About Reykjavik Geothermal Headquartered in Reykjavik, Iceland, RG is a recognized and established world leader in the development of sustainable geothermal energy. With successful geothermal projects developed in Iceland and around the world, RG has a team of qualified industry experts focused on a significant pipeline of projects in key high-growth markets.

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