Doha: Qatar Electricity and Water Company (QEWC) has developed a future plan for the next decade, in line with the country’s growing needs for electricity and water and to support infrastructure projects and 2022 FIFA World Cup. The company has plans to construct a new plant entailing $3bn investment with a capacity of 2,600 MW of electricity and 100 Million Gallons Per Day (MIGD) of desalinated water, said Chairman of QEWC Board of Directors, H E Eng. Saad bin Sherida Al Kaabi addressing the Ordinary General Assembly Meeting of the Qatar Electricity and Water Company (QEWC) was held virtually yesterday.
The meeting, chaired by H E Eng. Saad bin Sherida Al Kaabi, approved the proposal of the Board of Directors to distribute dividend to the shareholders at the rate of 63 percent of the nominal value of the share (QR0.63 per share) for the year ended on December 31, 2020. “The company is working actively to diversify its revenue sources, operations and raise the level of performance efficiency to preserve the natural and environmental resources. In this framework, the company completed Umm Al Houl Power project, which is operating at its full electricity and water capacity,” said Eng. Saad bin Sherida Al Kaabi.
The meeting also approved the Financial Statements, the report of the board of directors on company’s activities, the financial position and future plan.
“The company is currently working on the expansion project, which will increase the water production capacity of the plant by 45 percent to 198 MIGD and the project is expected to be fully commissioned during the second quarter of 2021,” he added.
He added that Siraj 1 project, which is one among the largest solar power projects in the region in terms of size and capacity, is expected to be completed by first half of 2022, with a capacity of 800 MW of electricity.
“One of the most prominent local projects in this context is the construction of Ras Abu Fontas station with a capacity of 2,600 MW of electricity and 100 MIGD of desalinated water. The project is scheduled to be completed in the third quarter of 2024 at a cost of approximately $3bn with an IRR of 7 percent to 8 percent,” he added. “The company also plans to build another new plant in 2027, similar to the Ras Abu Fontas Power Plant in terms of production capacity and financial returns,” he added.
In terms of foreign investments, the company focused its activities on diversifying and developing its investments, entering into new projects and taking advantage of the best global investment opportunities. The company, through “Nebras Power Company”, acquired major stakes in various energy projects outside Qatar, most notably the Zen project in the Netherlands, the Oryx project in Jordan, the solar energy project in Brazil, the Stockyard Hill wind power project in Australia, the Carthage Power Company in Tunisia, and the Amin renewable energy project in the Sultanate of Oman.
Regarding the company’s financial performance in 2020, the company achieved a strong performance despite the difficulties and challenges imposed by the pandemic. The company achieved a net profit of QR1,158m for the year 2020.
