Abu Dhabi-based renewable energy company, Masdar has entered into a strategic agreement with Iraq to develop solar photovoltaic (PV) projects in the country with a minimum total capacity of two gigawatts (GW).
The agreement, which is in line with the goal of the government of Iraq to increase the national production of clean energy, will let to generate 2 GW of solar power through projects in central and southern Iraq with the support of Masdar.
Heads of Agreement (HOA) were signed at a virtual ceremony by His Excellency Majid A. Hantosh (Minister of Electricity, Iraq), Her Excellency Suha Al-Najar (President of the National Investment Commission for Iraq) and Mohamed Jameel Al Ramahi (Chief Executive Officer of Masdar).
His Excellency Ihsan Abdul Jabbar Ismail, Minister of Oil for the Republic of Iraq, said, “Iraq is targeting 20 to 25 percent 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.”
Masdar has been a pioneer in developing clean energy projects, and is now active in over 30 countries around the world, with a total value of more than $20 billion and a production capacity exceeding 11 GW. As part of the agreement, Masdar will leverage the expertise it has built up through these projects to support Iraq on its clean energy journey.
“This agreement will define the path for the development of clean energy solutions that will drive growth in the Republic of Iraq and help the Government meet its climate goals. The UAE shares Iraq’s commitment to diversify away from a dependence on oil and gas and to accelerate the transition to clean energy sources. We are proud to support the Government of Iraq on this vital stage in its clean energy journey and we will leverage our expertise to deliver a more sustainable future for the nation.”
Commenting on the agreement, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, pointed out that the collaboration between Masdar and the government of Iraq will add significant value to the Emirati and Iraqi partnerships in addressing the challenges posed by climate change and keeping pace with the growing energy demand. It will also contribute to supporting Iraqi efforts aimed at implementing quality projects to produce 10 GW of solar energy by 2025.
HE Suha Al-Najar, President of the National Investment Commission for 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. It opens the way for cooperation and knowledge exchange between the two parties in the field of energy planning and sustainable transition. A steering committee of both parties is established for this goal.”