Posted on March 07, 2019

The "Siraj Solar Energy" project is expected to produce about 700 MW of electricity in the fourth quarter of 2021, HE the Minister of State for Energy Affairs and Chairman of Qatar Electricity and Water Company Saad bin Sherida al-Kaabi has said.

Addressing the Extraordinary and Ordinary General Assembly meeting of the Qatar Electricity and Water Company (QEWC) on Wednesday, he said the company's performance at all levels is outstanding and deserves appreciation. He highlighted the company's contribution in enhancing the performance of the electricity and water sector in Qatar and meeting the needs of the country, in cooperation with Qatar General Electricity and Water Corporation (Kahramaa). The QEWC has completed the Umm Al Houl Power Plant which has a production capacity of 2,520 MW of electricity and 136.50 million gallons of water. 

QEWC also pays great attention to alternative energy projects, most notably the solar power project "Siraj Solar Energy" which is expected to produce nearly 700 MW in the fourth quarter of 2021, the minister said. He noted that QEWC also seeks to expand globally through Nebras Power which has implemented several projects outside the state. HE Saad al-Kaabi said the QEWC continued its strong growth in 2018, achieving a net profit of QR1.537bn with the earning per share amounting to QR13.97. The board of directors recommended the distribution of cash dividends to shareholders equivalent to 77.5% of the nominal value of the shares.

Director-General and Managing Director Fahad bin Hamad al- Mohannadi reviewed the company's projects and future plans at the local and international level. At the local level, al-Mohannadi said the QEWC is currently implementing several projects including the electricity and water plant at the economic zone (Umm Al Houl Power), and Lusail Towers project (Kharab). The company also has future plans such as the solar power production project (Siraj Solar Energy), the demolition and removal of Ras Abu Fontas station "A" and the redevelopment of this station, and the extension of the operating agreement of Ras Abu Fontas station (B).

Regarding the company's overseas projects, al- Mohannadi noted several projects, including the IPP solar power project in Jordan, the power project in Sumatra in Indonesia and other projects in Oman and the Netherlands. During its meeting, the general assembly approved the recommendation of the Board of Directors on the distribution of cash dividends to shareholders equivalent to 77.5% of the nominal value of the shares, and all items listed on the agenda.

The Extraordinary General Assembly approved the amendment of the provisions of Article (6) of the Articles of Association of the company to amend the nominal value of the share from "ten riyals" to "one riyal", in implementation of the decision of the Board of Directors of Qatar Financial Markets Authority. It also approved the amendment of the text of Article (7) of the Articles of Association of the company in line with the recommendations of the Qatar Exchange on enhancing investment attractiveness in listed companies and the decision of the Board of Directors of Qatar Financial Markets Authority No. (1) of 2016 regarding the acquisition of shares of companies listed on the Qatar Exchange, by adding a new paragraph specifying the shareholding percentage of the company not more than 1% of the total shares, in accordance with the proposal to amend the texts attached to the agenda.

The meeting also approved the amendment of the provisions of Articles 26, 27, 29 and 31 of the Articles of Association of the company regarding the composition of the Board of Directors and the appointment of State's representatives to the Board of Directors based on the letter of Qatar Investment Authority in this regard, in accordance with the proposal to amend the texts attached to the agenda, and the authorisation of the Chairman of the Board of Directors to make amendments and take all necessary procedures with the competent authorities in this regard.

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