Masdar to Develop Solar Projects in Republic of Iraq
Mubadala Investment Company subsidiary Masdar has signed a strategic agreement with the Republic of Iraq to develop solar photovoltaic projects in the country with a minimum total capacity of two gigawatts. Masdar CEO Mr Mohamed Jameel Al Ramahi said “This agreement will define the path for the development of clean energy solutions that will drive growth in the Republic of Iraq and help the Government meet its climate goals. The UAE shares Iraq’s commitment to diversify away from a dependence on oil & gas, and to accelerate the transition to clean energy sources. We are proud to support the Government of Iraq on this vital stage in its clean energy journey and we will leverage our expertise to deliver a more sustainable future for the nation.”
Iraq, the second-largest oil producer in the Organization of Petroleum Exporting Countries, is looking to increase the percentage of renewables in its total power production capacity by the end of this decade to address supply issues and meet climate objectives. Iraq, which this year ratified the Paris Agreement on climate change, enjoys some of the most attractive solar irradiation levels in the region.