UAE’s Masdar Signs Strategic Agreement with Iraq to Develop PV Projects

UAE’s Masdar Signs Strategic Agreement with Iraq to Develop PV Projects

Masdar, a subsidiary of Mubadala Investment Company and one of the world's leading renewable energy companies, announced that it signed a strategic agreement with Iraq to develop solar photovoltaic (PV) projects in the country with a minimum total capacity of two gigawatts.

Heads of Agreement were signed at a virtual ceremony by Iraq's Minister of Electricity Majid Hantosh, President of Iraq's National Investment Commission Suha al-Najar and Masdar CEO Mohamed Jameel al-Ramahi.

The ceremony took place in the presence of Iraqi Minister of Oil Ihsan Abdul Jabbar Ismail, UAE Minister of Energy Suhail al-Mazroui and UAE Minister of State for Foreign Trade Dr. Thani al-Zeyoudi.

"The government seeks to increase and enhance the national production of clean energy,“ said Ismail.

Iraq targets 20 to 25 percent of energy coming from renewable sources, rather than fossil fuels, equivalent to 10 to 12 GW, he explained.

"This agreement with Masdar, a global leader in renewable energy, is a major step in the development of the clean energy investment sector and the exploitation of solar energy in Iraq.“

Mazroui stressed the UAE's commitment to working with Iraq to develop sustainable energy resources.

"This initiative also highlights the importance of public and private sector partnerships in finding affordable solutions.“

"Masdar has been