Masdar, a Mubadala Investment Company subsidiary and one of the worlds leading renewable energy companies, has signed a strategic agreement with Iraq to develop solar photovoltaic (PV) projects with a minimum total capacity of two gigatonnes (GW)
HE Ihsan Abdul Jabbar Ismail, minister of oil for 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 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.?
HE Suhail Al Mazroui, minister of energy for the UAE, said, ?We are grateful to the Government of Iraq for providing Masdar with the opportunity to contribute to the implementation of the Republic of Iraq's renewable energy strategy. The UAE is committed to working with the Republic of Iraq to develop sustainable energy resources. This initiative also highlights the importance of public and private sector partnerships in finding affordable solutions.
?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$20bn and a production capacity exceeding 11GW. Masdar will leverage the expertise it has built up through these projects to support the Republic of Iraq on its clean energy journey.?
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 the 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. A steering committee of both parties is established for this goal. The business model is Independent Power Producer, and the investment will be according to law13-2006 of the National Investment Commission.
?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.?
