Masdar to generate 2 GW of solar power in Iraq

Masdar, a subsidiary of UAE’s Mubadala Investment Company 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) through a virtual ceremony.

Through their work in Iraq, Masdar will generate 2 GW of solar power in both 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.

 “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 & 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,” said Mohamed Jameel Al  Ramahi, CEO of Masdar in a statement.

This project is one of the largest renewable photovoltaic solar projects in the region and falls within the vision of Iraq’s sustainable transition plan 2021- 2030. “The business model is Independent Power Producer, and the investment will be according to law13-2006 of the National Investment Commission,” said Suha Al-Najar, President of the National Investment Commission for the Republic of Iraq.

This project is expected to add around 2,000 news jobs within the construction and operation sectors.

Iraq is the second-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC). It is looking to increase the percentage of renewables in its total power production capacity by the end of this decade.