Masdar, a subsidiary of Mubadala Investment 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 two gigawatts (GW).
Heads of Agreement (HOA) were signed at a virtual ceremony by His Excellency Majid A. Hantosh, Minister of Electricity, the Republic of Iraq, Her Excellency Suha Al-Najar, President of the National Investment Commission for the Republic of Iraq, and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. The signing took place in the presence of His Excellency Ihsan Abdul Jabbar Ismail, Minister of Oil for the Republic of Iraq, His Excellency Suhail Al Mazroui, Minister of Energy for the UAE, and His Excellency Dr Thani Al Zeyoudi, the Minister of State for Foreign Trade for the UAE.
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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. Iraq, which this year ratified the Paris Agreement on climate change, enjoys some of the most attractive solar irradiation levels in the region.
HE Ihsan Abdul Jabbar Ismail, Minister of Oil for the Republic of Iraq, said: “The government intends to increase and enhance the national production of clean energy. Through this agreement with Masdar, we will generate 2GW of solar power through projects in central and southern Iraq. Iraq is targeting 20 to 25% of energy coming from renewable sources, rather than fossil fuels, equivalent to 10 to 12GW. 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."
HE Suha Al-Najar, President of the National Investment Commission for the Republic of Iraq, said: “The project is one of the largest renewable photovoltaic solar projects in the Middle East, and falls within the vision of Iraq’s sustainable transition plan 2021- 2030. The project delivers 2GW of green energy for Iraq national network. It opens the way for cooperation and knowledge exchange between the two parties in the field of energy planning and sustainable transition."
“The project ensures clean and sustainable energy production for different areas in Iraq, and displaces carbon dioxide emissions resulting from fossil fuel generation. The project will also provide new jobs in the energy sector, with the manpower for project construction and operation beyond 2,000.”