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TotalEnergies To Build 1 GW Solar Plant In Iraq | |
| Sumita Pawar |
According to the report, TotalEnergies, a French oil major, has announced plans to develop a 1 GW solar power plant in Iraq.
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The project is part of the Gas Growth Integrated Project (GGIP), which aims to enhance the development of Iraq's natural resources and improve the country's electricity supply, as highlighted in the report.
TotalEnergies has confirmed it has reached an agreement with the Iraqi government on a long-delayed $27 billion energy project, reviving a deal that Baghdad hopes could lure back foreign investment in the country.
The company will build a 1 GW solar power plant to supply electricity to the Basrah regional grid. The Saudi company ACWA Power has been asked to join the project.
The GGIP also includes the recovery of flared gas from three oil fields to supply gas to power generation plants and the construction of a seawater treatment plant for pressure maintenance to increase regional oil production.
Further in the report mentioned, a deal was signed in 2021 for TotalEnergies to build four oil, gas, and renewable energy projects with an initial investment of $10 billion in southern Iraq over 25 years.
The deal has been held up by disputes over the terms of the contract, but the Iraqi government has recently agreed to take a smaller stake in the project, allowing TotalEnergies to own a 45% stake and QatarEnergy to hold the remaining 25%.