QatarEnergy Acquires 50% Stake In TotalEnergies Solar Project In Iraq
QatarEnergy has recently entered into a significant solar power initiative in Iraq by partnering with TotalEnergies. This collaboration is part of the broader Gas Growth Integrated Project (GGIP), aimed at enhancing energy production in Iraq.
Under this new agreement, QatarEnergy will hold a 50% stake in a notable solar photovoltaic project, with TotalEnergies retaining the other half. This venture is pending regulatory approvals but marks a substantial step towards sustainable energy development in the region.
The ambitious solar project is set to become one of the largest globally, incorporating 2 million advanced bifacial solar panels. These panels will be positioned on single-axis trackers, optimizing sunlight capture.
Once operational, the project is expected to contribute up to 1.25 gigawatts (peak) of solar power to Iraq's Basra region electricity grid. Scheduled for phased completion between 2025 and 2027, it will provide enough energy to power around 350,000 homes, significantly impacting the local energy landscape.
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs as well as the President and CEO of QatarEnergy, expressed his enthusiasm about the partnership, "I am pleased to have concluded our entry into this very important project for Iraq's energy sector, and look forward to working with our strategic partner, TotalEnergies, to progress it to fruition. We thank the Iraqi government for their trust, and TotalEnergies for this opportunity to support Iraq's solar power development."
This solar power project is part of a larger endeavor by QatarEnergy, which announced its consortium engagement in the GGIP in June 2023. Holding a 25% interest, QatarEnergy joins forces with TotalEnergies, which has a 45% stake, and Iraq's Basra Oil Company, holding 30%.
The GGIP not only focuses on solar power but also on the development and construction of facilities to harness Iraq's natural resources more efficiently. A key aspect of this project is its aim to capture and utilize flared gas from the Basra region, which would otherwise be wasted, to fuel power generation plants.
Overall, the partnership between QatarEnergy and TotalEnergies represents a significant move towards sustainable energy solutions in Iraq. By developing large-scale solar power capabilities and improving the utilization of natural resources, this initiative is poised to make a substantial impact on Iraq's energy sector.
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