Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, announced that it signed a strategic agreement with Iraq to develop solar photovoltaic (PV) projects in the country with a minimum total capacity of two gigawatts.
Heads of Agreement were signed at a virtual ceremony by Iraq’s Minister of Electricity Majid Hantosh, President of Iraq’s National Investment Commission Suha al-Najar and Masdar CEO Mohamed Jameel al-Ramahi.
The ceremony took place in the presence of Iraqi Minister of Oil Ihsan Abdul Jabbar Ismail, UAE Minister of Energy Suhail al-Mazroui and UAE Minister of State for Foreign Trade Dr. Thani al-Zeyoudi.
“The government seeks to increase and enhance the national production of clean energy,” said Ismail.
Iraq targets 20 to 25 percent of energy coming from renewable sources, rather than fossil fuels, equivalent to 10 to 12 GW, he explained.
“This agreement with Masdar, a global leader in renewable energy, is a major step in the development of the clean energy investment sector and the exploitation of solar energy in Iraq.”
Mazroui stressed the UAE’s commitment to working with 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 it is now active in more than 30 countries around the world, with a total value of more than $20 billion and a production capacity exceeding 11 gigawatts.”
Masdar will certainly leverage the expertise it has built up through these projects to support Iraq on its clean energy journey, he added.
Zeyoudi pointed out that the cooperation between Masdar and Iraq’ government will add significant value to the Emirati and Iraqi partnerships in addressing the challenges posed by climate change and keeping pace with the growing demand for energy.
It will also contribute to supporting Iraqi efforts aimed at implementing quality projects to produce 10 gigawatts of solar energy by 2025.
Commenting on the agreement, Najar said it is one of the largest renewable photovoltaic solar projects in the Middle East and falls within Iraq’ vision and its sustainable transition plan 2021-2030.
“This agreement will define the path for the development of clean energy solutions that will drive growth in Iraq and help the government meet its climate goals,” said Ramahi.
The UAE shares Iraq’s commitment to diversify energy sources and accelerate the transition to clean energy sources, he added.
Iraq, the second-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), is looking to increase the rate of renewables in its total power production capacity by the end of this decade.
It aims to address supply issues and meet climate objectives. Iraq, which this year ratified the Paris Agreement on climate change, enjoys some of the region’s most attractive solar irradiation levels.
