DOHA: The Qatar-based Nebras Power has signed a Memorandum of Understanding (MoU) with the National Electricity Company of Senegal and Mitsui Company from Japan for studying an energy related project in the Republic of Senegal.
The signing ceremony was held at the Ministry of Foreign Affairs in Dakar and in the presence of Senegalese Minister of Foreign Affairs, Minister of Energy, and Qatar’s Ambassador to Senegal, Saree Ali Mahdi Al Qahtani. Nebras Power was represented by CEO of the company Khalid Mohammed Jolo, Business Development Director Faisal Obaid Al Siddiqi, and Business Development Department Thomas McKay.
The MoU aims to develop a general framework for cooperation between the parties and facilitate the ways of cooperation between them. According to the MoU, both Nebras Power and Mitsui will do a feasibility study for a project includes development, financing, construction, operation and maintenance of Floating Storage and Regasification Units (FSRU) and a power plant that would use the natural gas as fuel in the Republic of Senegal. This project, first of its type in Senegal, will be selling the electricity generated to the National Electricity Company of Senegal through a long-term Power Purchase Agreement (PPA).
Commenting on the agreement Jolo said: “This MoU comes within the framework of promoting economic cooperation between Qatar and Senegal, and we hope to lay the foundations for a strong and long-lasting relationship. We also hope that as a result of implementation of this MoU to reach to high levels in the common economic relations.”
Jolo added: “We seek to get Nebras Power first investment in the Republic of Senegal, and we hope that by this project we will be supporting the electricity needs in Senegal and also contributing to stimulate the Senegalese economy. We will ensure that the latest available technology would be implemented in the project and at competitive prices “. At the conclusion of his speech, Jolo wished success to all the participants in the project, reports QNA.
Nebras Power was founded in 2014 as a Qatari shareholding company in accordance with Qatari laws, as partnership between the Qatar Electricity and Water Company (60 percent), and Qatar Petroleum International (20 percent), and Qatar Holding (20 percent).
The authorized paid-up capital of Nebras Power is QR3.65bn, and the company is investing globally in new and existing projects, or through the acquisition of power generation and/or water desalination and or processing projects, as well as cooling and heating projects. Nebras will also invest in the LNG terminal and fuel loading and unloading facilities connected to the power generation and/or water desalination projects.
