UAE’s Masdar, a subsidiary of Mubadala Investment Company announced in a statement that it has signed a strategic agreement with the Republic of Iraq to develop Solar Photovoltaic (PV) projects in the country with a minimum total capacity of two gigawatts (2 GW).
Heads of Agreement were signed at a virtual ceremony by Majid A. Hantosh, Iraqi Minister of Electricity; Suha Al-Najar, President of the National Investment Commission of Iraq; and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.
The signing took place in the presence of Ihsan Abdul Jabbar Ismail, Iraqi Minister of Oil; Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure; and Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
Through this agreement with Masdar, Iraq will generate 2 GW of solar power through projects in central and southern Iraq. Iraq is targeting 20 to 25 percent of energy coming from renewable sources, rather than fossil fuels, equivalent to 10 to 12 GW.
Masdar has been a pioneer in developing clean energy projects, and is now active in more than 30 countries around the world, with a total value of more than US$20 billion and a production capacity exceeding 11 gigawatts.
The project will built under Independent Power Producer model.
Iraq, the second-largest oil producer in the Organisation of Petroleum Exporting Countries (OPEC), is looking to increase the percentage of renewables in its total power production capacity by the end of this decade to address supply issues and meet climate objectives.
