Nebras Power CEO: We Seek to Own 10 Gigawatts in Global Market by 2026

Doha, April 14 (QNA) - Chief Executive Officer of Nebras Power Khalid Mohammed Jolo has revealed a strategic plan to own 10 gigawatts in the global market by 2026, and to allocate 35% of the company's portfolio for renewable energy, including solar and wind. In an interview with Qatari daily Al-Sharq, Jolo highlighted the company's current and future plans, noting that the company has an ambitious vision driven by the confidence and position of its major shareholders, Qatar Investment Authority and Qatar Electricity and Water Company, with 40% and 60% stake of each, and their expertise which is a key supporter of the company's business in various regions of the world. He noted that the net share of Nebras projects currently stands at 1,1115 megawatts, stressing that the company is seeking to expand further is working to add about 900 megawatts to its investment portfolio annually. On the development of national cadres, he noted that the company is proud to have established itself today as one of the leading companies in the production of electricity, and one of the Qatari companies that is keen on bringing international expertise and developing Qatari cadres to keep up with Qatar National Vision 2030, and embodies the aspirations of the wise leadership to contribute to building a diversified and evolving national economy in order to ensure a prosperous future for the Qatari community. On the geographical expansion of the company, he said that the asset portfolio of Nebras has expanded to more than seven assets with a value of QR 6 billion and 800 million. Currently, it is generating power in four countries - Oman, Jordan, Indonesia and the Netherlands - and it is studying several projects in Europe, Latin America, Australia and Africa. The company also expects to launch projects in the United States and Africa as soon as the study is completed. He underlined that the company was not affected by the unjust blockade, noting that the global market is open to the company because of the nature of its work. There is no doubt that before the blockade the company was studying projects in the markets of the blockading countries because of Qatar's vision for the GCC integration, however, the blockade opened new markets that were not considered before. The company is now looking to invest in Europe and other global markets. He added that the company's profits for 2018 will be announced after the general assembly meeting to be held this month. He pointed out that the company achieved a net profit of QR330 million in 2017. (QNA)