QatarEnergy, one of the world's leading suppliers of liquefied natural gas, said Monday it had agreed to take a 50% stake in TotalEnergies' 1.25 gigawatt solar project in Iraq.
The French energy giant will retain the remaining 50% in the project, which is part of the $27 billion Gas Growth Integrated Project (GGIP), QatarEnergy said in a statement, without revealing the amount of the deal.
The GGIP initiative aims to improve Iraq's electricity supply, including by recovering gas flared from three oil fields and using it to power power plants, which will help reduce the electricity bill. import from Iraq. It also includes projects relating to renewable energies.
Iraq currently imports between a third and 40% of its electricity and gas supplies from Iran, but continues to suffer from widespread power cuts, particularly during the hot summer months when demand for electricity for cooling increases.
The solar project, which will be developed in phases to come into operation between 2025 and 2027, will produce up to 1.25 GW at peak using 2 million bifacial solar panels, QatarEnergy said.
It will be able to provide electricity to around 350,000 homes in the oil-rich Basra region of southern Iraq, the company added.
Last year, QatarEnergy joined a consortium to implement the GGIP project with a 25% stake, while TotalEnergies and Iraq's Basra Oil Company held the remaining 45% and 30%, respectively.
