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Iraq Signs 2GW Deal with Masdar As The Country Seeks to Enhance Renewable Power Source

The Iraqi government begins steps to develop 7.5 GW of renewable energy as they sign a deal with UAE's Masdar.

Iraq's oil minister announced on Oct. 6 that the government wants to develop 7.5 gigawatts (GW) of renewable energy, as OPEC's second-largest producer signs a 2 GW deal with Masdar, the UAE's clean energy firm.

1 GW will be developed in Iraq in the first phase of the Masdar contract, according to oil minister Ihsan Ismaael, who spoke at a news conference in Baghdad that was televised live on state television. He didn't disclose when the first phase will be completed.

At the press conference, UAE energy minister Suhail al-Mazrouei stated that the Masdar contract is "a long-term investment" that will lead to many more.

Masdar, Abu Dhabi's sovereign wealth fund Mubadala Investment Company's renewable energy subsidiary, has a generation capacity of almost 13 GW in over 30 nations.

Iraq has signed several renewable energy agreements in order to reduce its reliance on oil and gas as a source of energy.

Iraq inked $27 billion worth of deals with TotalEnergies in September, including the construction of a 1 GW solar power plant.

Iraq and China's state-owned PowerChina have also agreed to create up to 2 GW of solar power plants, according to the prime minister's media office, as OPEC's second-largest producer aims to reduce its reliance on Iranian electricity imports.

PowerChina will produce 750 megawatts (MW) in the first phase, according to the media office, which did not provide any other information regarding the arrangement.


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