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)
America is back!!!! Next step dinar RV!
wonderful to see Iraq and US working together for a stable electricity infrastructure and a back up solar electric generation infrastructure.