Toyota Tsusho Corporation ("Toyota Tsusho") announced today that Toyota Tsusho, with the partners, will construct, own and operate a solar power plant with a power generation capacity of 119MW in the Kingdom of Saudi Arabia ("Saudi Arabia") as an independent power producer (IPP) for the sale of the electricity. This is the first renewable project in Saudi Arabia for Toyota Tsusho group.

Toyota Tsusho group has developed the goal to achieve carbon neutrality by 2050 as our initiatives to address key sustainability issues (Materiality), and we are actively promoting expansion of renewable energy all over the world. Energy demand of Saudi Arabia is expected to grow stably, and the Saudi Arabia government is aggressively promoting renewable energy where the solar energy is expected to be one of the primary resources.

This project will be implemented by three companies, Toyota Tsusho, TotalEnergies Renewables (France) and Altaaqa Renewable Energy (a Zahid Group company) (Saudi Arabia) through a joint venture company, Noor Alwadi Renewable Energy Company.

The solar plant will be located in Wadi Ad Dawasir with abundant solar resources throughout the year. The construction of the plant has started in June 2023, followed by the launch of commercial operation in March 2025. This project is selected for Financing Programme for Joint Crediting Mechanism (JCM) Model Projects in FY2022.*.

Toyota Tsusho will continue to contribute to the expansion of renewable energy and the transition to carbon neutral society.

* Ministry of the Environment, Japan has been implementing the “JCM Model Projects”. The purpose of this model projects is to financially support the implementation of projects which reduce GHG emissions by utilizing leading decarbonizing technologies in developing countries, and in return, to acquire JCM credits for achievement of Japan’s GHG emission reduction and the partner countries' emission reduction target.

Project Site

Project Company	Noor Alwadi Renewable Energy Company
Location	Wadi Ad Dawasir, Kingdom of Saudi Arabia
Business	Solar power generation and sale of the electricity
Share	Toyota Tsusho 40% TotalEnergies Renewables 40% Altaaqa 20%
Plant Capacity	119MW
Offtaker	Saudi Power Procurement Company
Project Cost	Approx. 100 million USD
Lenders	Riyad Bank (Saudi Arabia) APICORP (Saudi Arabia)
Commercial Operation	March 2025