TotalEnergies to develop 1 GW solar power plant In Iraq as part of $27bn ground-breaking energy project deal – EQ Mag
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 French oil major TotalEnergies has announced plans to develop a 1 GW solar power plant in Iraq to supply electricity to the Basrah regional grid.
The company confirmed it had reached an agreement with the Iraqi government on a long-delayed $27bn energy project, reviving a deal which Baghdad hopes could lure back foreign investment in the country.
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.
TotalEnergies said it would develop a 1 GW solar power plant to supply electricity to the Basrah regional grid, inviting Saudi company ACWA Power to join the project.
The French group, however, did not give new details about the proposed solar project or about ACWA Power’s potential participation in it.
The GGIP also includes the recovery of flared gas on 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.
The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years.
But it has been held up by disputes over the terms of the contract.
After the Iraqi government said on Tuesday it had agreed to take a smaller than initially demanded stake in the project of 30%, TotalEnergies said in a statement it would own a 45% stake, with QatarEnergy holding the remaining 25%.
The French company said the deal reached with the Iraqi government “is a strong and positive signal for foreign investment in the country.”
Source: utilities-me
