- Norway’s Scatec led consortium is reported to have been signed on to develop a large-scale solar project in Iraq
- Other consortium members are identified as Egypt’s Orascom Construction and Iraq’s Bilal
- The 525 MW solar power plant is expected to cost around $500 million, according to the ministry
Iraq’s Ministry of Oil has entered an agreement with a consortium led by Norwegian renewable energy company Scatec for the Norwegian company to develop a large-scale solar power plant in the country, representing a total of 525 MW capacity.
In a statement released by the ministry, the government confirmed the consortium comprises Egypt based Orascom Construction and Iraq based private firm Bilal. Entire project is expected to cost an investment worth $500 million.
The agreement with the Scatec consortium follows several other such agreements for solar energy developments in Iraq in recent times, with international investors as TotalEnergies that will develop 1 GW solar PV, PowerChina with another 2 GW and Masdar for 2 GW capacity (see Total Energies For I GW Solar PV In Iraq).
An oil-based economy, Iraq is making conscious efforts to diversify its power generation as future global demand for the fossil fuel comes down with several nations of the world moving to renewables to lower their carbon emissions. It aims to achieve 7.5 GW renewable energy capacity before 2023.
Earlier, Bloomberg quoted Iraq’s Oil Minister Ihssan Abdul-Jabbar Ismail to say the country will develop 10 GW solar power capacity by 2030 (see Iraq Targets 10 GW Solar Power Capacity By 2030).