Latest news with #UGTRenewables
Zawya
3 days ago
- Business
- Zawya
Iraq in advanced talks with Saudi's ACWA Power and UAE's Masdar for solar plants
Iraq's Ministry of Electricity announced on Thursday that it is close to finalising agreements with Saudi Arabia's ACWA Power and the UAE's Masdar to build solar power stations across the country. Speaking to the Iraqi News Agency (INA), ministry spokesperson Ahmed Musa said discussions are advancing with ACWA Power for a 1,000-megawatt (MW) solar power plant in Najafm and with Masdar to develop four solar power plants with a combined capacity of 1,000 MW. In March, Iraq started construction of its largest solar power project - the 1,000 MW Basra Sun. Musa said the talks are part of Iraq's broader strategy to diversify its energy sources and reduce dependency on imported gas, adding that the the OPEC member's power sector is currently facing a 4,000 MW deficit due to reduced gas imports from Iran, which resulted in the shutdown of several power generation units. Musa disclosed that 93 percent of the electricity interconnection project with GCCIA has been completed, and connections with Jordan and Turkey are already contributing to Iraq's grid. At the start of May, Iraq's Wasit province issued a tender for 3,000 MW of renewable energy projects. Prior to that, in April, the Iraqi government signed an agreement with US-based UGT Renewables for the development of a 3,000 MW solar power project coupled with a Battery Energy Storage System (BESS) providing 500 megawatt-hours (MWh). (Writing by Majda Muhsen; Editing by Anoop Menon)
Iraq Business
3 days ago
- Business
- Iraq Business
Iraqi Cabinet Approves 2 Solar Energy Projects
By John Lee. The Iraqi Council of Ministers has approved key measures to advance major solar energy projects, reinforcing the country's push toward clean and sustainable power generation. Firstly, the cabinet approved a memorandum of understanding between the Ministry of Electricity and US-based UGT Renewables for the development of an integrated solar power project. The Ministries of Planning and Finance are tasked with aligning the project with national development priorities and allocating the necessary funding. The Minister of Electricity has been granted full authority to proceed with implementation. for the development of an integrated solar power project. The Ministries of Planning and Finance are tasked with aligning the project with national development priorities and allocating the necessary funding. The Minister of Electricity has been granted full authority to proceed with implementation. Secondly, the Council endorsed the Ministerial Council for Energy's recommendation on pricing and development costs for the 1000 MW Artawi Solar Power Plant, to be developed with France's TotalEnergies. The project is recognised as a strategic component of Iraq's clean energy agenda. The Ministry of Oil has been instructed to fulfil its payment obligations under the power purchase agreements, and the Director General of the State Company for Southern Electricity Production is authorised to sign the contract addendum with the French energy firm. These approvals mark a significant step in diversifying Iraq's energy sources and reducing its dependence on fossil fuels. (Source: PMO) Tags: Artawi, cg, clean energy, Electricity In Iraq, featured, Ministry of Electricity, Ratawi, solar energy, solar power, State Company for Southern Electricity Production, TotalEnergies, UGT Renewables, United States
Iraq Business
10-04-2025
- Business
- Iraq Business
Iraq signs MoUs for 27GW Electricity Projects with US Firms
By John Lee. Prime Minister Mohammed S. Al-Sudani oversaw the signing of three significant Memorandums of Understanding (MoUs) on Wednesday, two in the electricity sector and one to enhance commercial cooperation with the United States. The first MoU, signed with GE Vernova, outlines a strategic cooperation framework to develop combined-cycle gas power plants in Iraq, with a total capacity of approximately 24,000 megawatts-representing the most advanced electricity generation project in the country's history. The agreement includes plans for securing international financing from major global banks. A second MoU was signed between the Iraqi Ministry of Electricity and UGT Renewables to implement an integrated solar power project with a capacity of 3,000 megawatts. The project will also include battery energy storage of up to 500 megawatt-hours, modernization of the national grid, and the construction of 1,000 km of high-voltage direct current (HVDC) transmission infrastructure. Financing will be provided by the Export-Import Bank of the United States (EXIM), UK Export Finance (UKEF), and JP Morgan, the lead arranger. In a move to enhance commercial relations, a third MoU was signed between the Federation of Iraqi Chambers of Commerce and the U.S. Chamber of Commerce. The agreement comprises nine articles designed to expand institutional, commercial, and entrepreneurial collaboration, with a strong emphasis on supporting small and medium-sized enterprises (SMEs) in both countries. (Source: PMO) Tags: American Chamber of Commerce, cg, Export-Import Bank of the United States (EXIM), featured, Federation of Iraqi Chambers of Commerce, GE Vernova, JP Morgan, JPMorgan Chase, renewable energy, solar energy, solar power, UGT Renewables, UK Export Finance (UKEF), United Kingdom, United States, US Chamber of Commerce
Iraqi News
10-04-2025
- Business
- Iraqi News
US Agency: Partnership Contracts with Iraq Are the Largest and Most Recent
Follow-up – INA Bloomberg, the American agency, considered the partnership contracts signed with the Iraqi government today, Thursday, the largest and most recent, while noting Baghdad's success in developing the electricity generation sector with the two largest energy companies. The agency stated in a report followed by the Iraqi News Agency (INA), that "Iraq has signed non-binding agreements with two American companies aimed at adding 27 gigawatts to the country's electricity generation system, as part of efforts to meet the growing demand for energy." It noted that "the Iraqi government signed a memorandum of understanding with General Electric Vernova to build gas-fired power plants with a production capacity of up to 24 gigawatts." It added that "the plan, described as the 'largest and most recent' in the country's history, allows for the possibility of obtaining external financing from international banks." Minister of Electricity Ziyad Ali Fadhil explained in a statement following the signing, according to the statement, that "the new stations will produce approximately 8 gigawatts without fuel consumption, while they will produce 16 gigawatts using natural gas and other fuels." He explained that "electricity demand in Iraq is expected to reach 55 gigawatts during the summer, while the country's current production capacity ranges between 16 and 26 gigawatts, depending on gas availability." He pointed out that "the ministry signed another memorandum of understanding with UGT Renewables to establish an integrated solar energy project with a capacity of 3 gigawatts, financed by the US Export-Import Bank, the British Export Finance Corporation, and JP Morgan," stressing that "the agreement includes a two-year period for technology transfer, training, operation, and maintenance." The agency continued, "Oil Minister Hayan Abdul Ghani had previously announced talks with several companies to secure two floating storage and regasification units by early June. This follows the United States' decision not to renew the waiver that allowed OPEC's second-largest producer to purchase electricity from Iran." For its part, the US Embassy confirmed that "Iraq's agreements with GE Vernova and UGT Renewables are worth billions of dollars." It should be noted that "the exact cost and timeline for the projects are unknown."
The National
10-04-2025
- Business
- The National
Iraq signs 24,000MW electricity deal with US company
Iraq has signed agreements with two American companies to produce 24,000 megawatts of electricity, a month after the US refused to renew a sanctions waiver that allowed Baghdad to purchase energy from Iran. The deals were signed late on Wednesday and come at a time when demand for electricity across Iraq is set to increase owing to soaring summer heat. The weather usually results in persistent power cuts, leaving millions of Iraqis without electricity. The agreements were overseen by Iraqi Prime Minister Mohammed Shia Al Sudani, whose office said in a statement that the deals were 'part of a strategic co-operation framework' between Baghdad and Washington. The first deal with GE Vernova 'covers projects to establish combined-cycle gas power plants with a total capacity of approximately 24,000MW, marking the largest and most advanced electricity generation initiative in Iraq's history", the statement said. The second deal was signed with UGT Renewables to establish a three gigawatt integrated solar energy project, for which the US Export-Import Bank, UK Export Finance and JP Morgan will provide financing. The agreement includes a two-year period for technology transfer, training, operation and maintenance, Mr Al Sudani's office said. It comes as a high-level US trade delegation visited Iraq. It included representatives from 60 companies was led by Steve Lutes, executive director of Middle East Affairs at the US Chamber of Commerce. "We think that we can compete with anyone when given a level playing field," Mr Lutes said during an event in Baghdad. "American companies want to lean into, you know, ideas of energy diversification and economic diversification," he added. There are "a lot of opportunities in oil and gas, and we want US companies pursuing those", he said. To avoid power cuts, Iraq needs to boost its energy grid with an additional 55,000MW during peak hours, with temperatures often passing 50°C during the summer. The deals with GE Vernova and UGT Renewables are worth billions of dollars, the US Embassy in Baghdad said on X. It did not give further details. The timeline and exact costs of the projects were not disclosed. In March, Washington refused to renew a 120-day sanctions waiver for Iraq's energy imports from Iran as part of US President Donald Trump's 'maximum pressure' campaign against Tehran. The US State Department said Iraq's transition away from dependency on Iranian imports provides an opportunity for US companies. Iranian electricity and gas imports, which accounted for up to 40 per cent of Iraq's power supply in 2023, are essential to meet the country's energy needs.
