Iraq Invests In Renewable Power
Masdar, an international renewable energy and sustainability company, 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 2 GW.
“The government intends to increase and enhance the national production of clean energy. Through this agreement with Masdar, we will generate 2 GW of solar power through projects in central and southern Iraq,” said Ihsan Abdul Jabbar Ismail, minister of oil for the Republic of Iraq. “Iraq is targeting 20% to 25% of energy coming from renewable sources, rather than fossil fuels, equivalent to 10 to 12 GW. This agreement with Masdar, a global leader in renewable energy, is an important step in the development of the clean energy investment sector and the exploitation of solar energy in Iraq.”
The project is one of the largest renewable PV solar projects in the Middle East. Iraq, the second-largest oil producer in the Organization 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.
Headquartered in Abu Dhabi, Masdar develops both utility-scale and off-grid renewable energy projects. Active in more than 30 countries worldwide, the power generating capacity of the renewable energy projects in which Masdar is a partner is about 10 GW, representing a combined investment of approximately US$19.9 billion.
